It’s official: Banco Filipino is closed and is now under the receivership of the Philippine Deposit Insurance Corporation (PDIC).
On March 18, the PDIC announced it is taking over Banco Filipino and initial steps to start the processing of claims are now under way.
For depositors with balances of P5,000 and below
The PDIC said that next week, it will start paying depositors whose deposit account balances are less than P5,000. Such depositors are NOT required to file claims anymore. The PDIC will send their money through Postal Money Order (PMO) which can be encashed in all postal offices and branches of LandBank of the Philippines nationwide.
For depositors with more than P5,000 balance
Other depositors such as those with deposit balances of more than P5,000 and those with less than P5,000 balances but without updated addresses in the bank’s records and with loans are REQUIRED to file deposit insurance claims.
Claim Forms will be distributed during the Depositors’ Forum scheduled below.
Depositors’ Forum Dates and Venues
According to the PDIC, the schedule of Depositors Forum for other branches will be announced later.
Steps for PDIC Claims Processing
1. Secure a claim from any authorized PDIC representative during the Depositors’ Forum.
2. Fill out the claim form and sign the section “Signature of Depositor/Claimant over Printed Name”. Ensure that the signature tallies with the signature of the depositor upon opening of the account at the bank.
3. Submit the accomplished claim form together with the following documents:
- original evidence of deposit (such as savings passbook, certificate of time deposit, latest bank statement including unused checks and ATM card);
- original and photocopy of two (2) valid photo-bearing IDs (such as passport, SSS/GSIS ID, PRC ID, Senior Citizen ID, Driver’s License, TIN, Voter’s ID/Registration, OWWA/ OFW ID, Seaman’s ID, ACR ID) with clear signature of depositor/claimant;
- original copy and photocopy of the Birth Certificate from the National Statistics Office (NSO) or duly certified copy from the local civil registrar, for depositors below eighteen (18) years old
4. A Claim Status Sheet will be issued to the depositor which shall serve as notice of the status of the claim.
How to follow up claims
After submitting all documentary requirements, a Banco Filipino may follow up the status of his claim through any of the following means:
a. Phone inquiry – PDIC telephone numbers at 841-4630 to 4631
b. Written letter addressed to:
The Assistant Vice President, Claims Processing Deparment
Philippine Deposit Insurance Corporation
2228 Chino Roces Avenue
1231 Makati City, Philippines
c. Personal inquiry at the premises of the closed bank or at the site where the closed bank was transferred or at the 4th Flr., PDIC Ayala Extension Office, SSS Building, corner V.A. Rufino St., (formerly Herrera St.), Makati City.