BSP gives Export and Industry Bank depositors until Monday to file claim

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Tuesday, April 22, 2014

DEPOSITORS of the closed Export and Industry Bank have until Monday to claim their insured deposits. The EIB was placed under receivership by the Bangko Sentral ng Pilipinas’ Monetary Board on April 26, 2012 due to liabilities that could not be covered by its assets.

Under the PDIC charter, depositors have two years from the date of the bank’s closure to file deposit insurance claims.

According to a PDIC announcement, claims for over 10,000 accounts amounting to P196.86 million are yet to be filed by depositors as of March 13.


Deposit insurance claims can be filed in person or through mail at the PDIC Claims Counter in their office at the fourth floor of the SSS building along 6782 Ayala Ave. corner V.A. Rufino St. in Makati City.


Depositors who will file insurance claims will be asked to present or enclose in an envelope an accomplished claim form, original evidence of deposit and two original valid identification cards bearing photos and signature of the depositor.

Those under 18 years old will also be asked to submit a birth certificate issued by the National Statistics Office or a certified copy issued by the local civil registrar. Claimants who are not signatories in their bank records will be required to submit an original copy of a notarized special power of attorney. For minor depositors, the special power of attorney must be executed by a parent.

In its website, PDIC assured that the filing of insurance claims will not prejudice any claims for uninsured portions of their deposits or parts of their accounts exceeding the maximum P500,000 coverage of the PDIC. Payments for the insured portion of deposits are sourced from the PDIC Deposit Insurance Fund.

They also assured that forms and formats are posted on the website.

Four lawmakers are seeking an inquiry on the plight of depositors of closed banks, citing over 300 banks have been closed in the country over the past 16 years.

House move

House Resolution 869, authored by Marikina City Rep. Romero Quimbo, Benguet Rep. Ronald Cosalan, Iloilo Rep. Arthur Defensor Jr. and ANGKLA partylist Rep. Jesulito.

Manalo, requests the House Committee on Banks and Financial Intermediaries to investigate the effects of closures on the depositors.

Their resolution specifically cited the case of EIB, wherein depositors banded together to recover deposits not covered by the PDIC but failed to do so because of “inadequate legal remedies and protection.”

The aim of the inquiry is to introduce reforms in banking statutes to protect depositors.

Published in the Sun.Star Cebu newspaper on April 23, 2014.


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