PDIC’s deposit insurance claim payouts reach P107M

PHILIPPINE DEPOSIT Insurance Corp. (PDIC) paid P106.9 million in claims last year to depositors of two banks that were shut down by the central bank’s policy-setting Monetary Board.

The deposit insurance payouts covered 3,736 claims across 3,111 deposit accounts from the closed Emerald Rural Bank, Inc. in Bulacan and Oriental Tamaraw Rural Bank of Naujan, Inc. in Oriental Mindoro, the state deposit insurer said in a statement on Wednesday.

It took over Emerald Rural Bank on Jan. 24, 2025 and Oriental Tamaraw Rural Bank of Naujan on May 13, 2025.

“Payments were made both to depositors who formally filed claims and to those eligible for outright payment under the PDIC’s waiver policy for deposit insurance claims filing,” PDIC said.

“Under this policy, individual depositors who are not borrowers, spouses of borrowers, or comakers of the closed banks, as well as for registered businesses or organizations, whose deposit accounts have outstanding balance of up to P500,000, will no longer be required to file their deposit insurance claims provided that they have complete and updated registered mailing addresses in bank records.”

Claim payments were disbursed through Philippine Postal Corp.’s postal money orders or Visa debit cards issued by Land Bank of the Philippines.

PDIC said that 3,433 claims representing 92% of total deposit accounts were settled via outright payment. These claims were valued at P44.4 million, which made up 42% of the total amount paid.

The payments were completed within 10 to 13 working days from the PDIC’s takeover of the two banks.

Meanwhile, 58% of total payouts in 2025 representing 303 claims worth P62.5 million were made to depositors required to file claims.

These were settled within 15 to 20 working days upon receipt of complete claims.

The agency added that depositors of the two closed banks who have yet to file their claims can do so for up to two years from the date of PDIC’s takeover of these lenders. — A.M.C. Sy