Philippine Deposit Insurance Corp takes over Exportbank

The Export & Industry Bank has been placed under receivership of the PDIC by the Philippines' Monetary Board.

As receiver, Philippine Deposit Insurance Corporation took over the bank on April 27, 2012, and it shall gather all the assets of the closed bank and verify and validate all bank records.

In a statement, the state deposit insurer assured depositors that all valid deposits, net of any outstanding obligations of concerned depositor with the bank, shall be paid up to the maximum deposit insurance coverage of P500,000.

PDIC said that depositors with valid accounts with balances of P10,000 and below, who have no outstanding obligations with Export & Industry Bank and who have updated their addresses with the bank in the past year, need not file deposit insurance claims. PDIC will start payment to these depositors by end of May 2012.

Depositors whose accounts have balances of more than P10,000 or have outstanding obligations with the bank should file their deposit insurance claims. The claims settlement operations for these accounts are expected to commence end of June 2012. The inclusive dates, schedule and venues will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph, newspapers and radios as soon as it is finalized.

PDIC will conduct Depositors Forums starting May 2, 2012 to explain the requirements and procedures for filing deposit insurance claims.

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