DEADBOL! Still not paid by the PDIC


Deadbol. Street slang for something that is dead.

That seems to describe the status of refunds owed to thousands of depositors of the failed rural banks under the Legacy Group.

Almost six months after Legacy banks closed and declared bank holiday, majority of depositors are still not paid by the Philippine Deposit Insurance Corp. (PDIC).

The PDIC claims they have started making payments and have already settled a quarter of the alleged Php 6 billion “doubtful” accounts.

And yet most, if not all, members of the PinoyMoneyTalk Forum who are also members of the DEADBOL (Depositors Enabling All Depositors for Banks of Legacy) Group report that they have not seen even a single cent of refund from the PDIC.

The goal of the DEADBOL Group is simple: to call on the PDIC to act on its mandate which is to protect depositors.

According to one of its members:

It is DEADBOL’s mission to expose PDIC’s role in the Legacy mess and push government leaders to find ways and means  for the PDIC to get back on track on its mandate to strengthen public confidence in the banking system by protecting the depositor. So far, the actions and pronouncements of PDIC president Jose Nograles have only served to protect his job by pandering to misinformed grandstanding legislators while creating consternation and anxiety among the depositors.

We fully support the DEADBOL Group in this crusade.

We join them in reminding the PDIC that trust is what makes the banking industry, and if the PDIC cannot be trusted with its mandate to protect depositors, the Philippine banking industry may well soon be deadbol.

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11 thoughts on “DEADBOL! Still not paid by the PDIC”

  1. I filed my claim last March 2009. I received a letter stating that my account is valid last August and have to wait for another letter from PDIC. Last October, I got another letter with an affidavit that needs to be sent back to PDIC after it was notarized by an attorney. By November, without expecting it, I received my claims. The following day, I deposited the check and it was cleared after 3 days.

    Medyo matagal pero when I received the letter stating that my account is valid, hindi na ako nagduda if they are able to pay me back. I just have to wait.

  2. Well, it is almost the end of the mandate in PDIC charter. Very few deadbolers have been paid only. less than 30 %. PDIC wake up!
    Most people who have deposited their money are either OFW/IMMIGRANT/ foreigners and vowed to keep their funds out of the country unless PDIC pays up.
    Too many lives destroyed, not just disgruntled. I wonder where will this end. We are in for a rude awakening!

  3. i agree w Don Perigrin. Precisely, if there are already too many people that are Disgruntled w The Gov’t institutions such as The PDIC, for sure there will be another revolution. For this issue w The PDIC ay definitely manganganak nang manganganak ng mga “Bagong Issues”…… Mind you, The internet is juz 1 click away. so, informing people all over the Philippines and ALL over The World is juz 1 click away too…….,

  4. this seems to be disturbing….even institution like this cannot be relied upon by people
    who are saving something for a rainy day.this reflects what kind of governance the country have.no one can be trusted anymore….filipnos wake up….the country is going to the dogs…somebody has to stand up ..not bogus,greedy and corrupt people all around us….it is not far fetched that the country
    will be in another kind of revolution…signs are near for there are too many disgruntled,too many empty stomach….watch how this will unfold…

  5. Pag sex life ng artista ang bilis magalit at kumilos ng mga senador at congressman.

    Ba’t sa ganitong isyu wala atang kumikibo?

  6. If you cant even trust PDIC, then san ka pa tatakbo? wag ka na lang mag bangko? i think that is what they are saying here if they really wont pay up!

  7. All the assets of the company including those alleged personal properties of the owners should be liquidated and distributed to these people who have worked hard to park their savings in this failed company. Kawawa naman sila. Pinaghirapan nila yun.

    I remember the son of the owner. I think he’s an atenean too. His face is familiar in the campus during my college days in Ateneo. I think we’re of the same batch.

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