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.
“The increase in the threshold for the waiver of filing of deposit insurance claims is consistent with PDIC’s customer philosophy to provide better service to depositors through early payment and via a more convenient payment scheme,” it said.
The partnership between the PDIC and PhilPost for the payment of insured deposits started in 2010. At that time, PDIC said early payment would be allowed for deposits with balances of up to P5,000. This was increased to P10,000 in 2011, rising to P15,000 in 2012 and to P50,000 in 2014.
The partnership between PDIC and Philpost was renewed with the signing of a memorandum of agreement last October 12.
To benefit from the early payment scheme, depositors with deposit balances of up to P100,000 should have complete mailing addresses in their bank records, or have updated these through the Mailing Address Update Form, to allow delivery of payment by PhilPost.
Depositors should not have outstanding obligations to the closed bank. The early payment scheme allows depositors immediate access to their savings via postal money orders or checks that will be mailed to their addresses.
PDIC President Cristina Que Orbeta emphasized the importance of expeditious payment, especially to small depositors who need to immediately access their funds, and expressed optimism that the partnership with PhilPost would strengthen.