Depositors with account balances of up to P100,000 and who are eligible for early payment of their insured deposits will now receive their reimbursements in less than two weeks from bank closure as the Philippine Deposit Insurance Corp. (PDIC) renewed its partnership with the Philippine Postal Corp. (PhilPost).
In a statement on Monday, state-run PDIC explained that earlier this year it had implemented a policy, for closed banks whose records are in order, to no longer require depositors with account balances of up to P100,000 to file their claims.
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