PDIC Pays PHP 281.5M in Deposit Insurance Claims in 2024

The Philippine Deposit Insurance Corporation (PDIC) paid PHP 281.5 million in deposit insurance claims in 2024 to depositors of three banks closed by the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board.

The affected banks, now under PDIC liquidation, were the Rural Bank of Cuyo (Palawan) Inc., Cooperative Bank of Bohol, and Community Rural Bank of Medellin (Cebu) Inc.

Payments covered 7,482 deposit accounts, representing 81% of the total 9,231 accounts, and accounted for 94% of the PHP 298.6 million estimated insured deposits across the three closed banks.

The PDIC processed and settled claims within the turnaround time (TAT) set for 2024, ensuring depositors received their funds without unnecessary delays.

Out of the total payments, PHP 126.8 million—representing 45%—was disbursed to 6,738 accounts eligible for outright payment up to the PHP 500,000 threshold, without the need for filing claims.

These depositors received their reimbursements within 10 to 18 working days after PDIC took over the banks.

This waiver of filing claims provides depositors with faster and more convenient access to their insured funds.

Individual depositors and registered business entities with deposit balances of PHP 500,000 and below, no outstanding loans with the closed bank, and a valid mailing address on record were eligible for this automatic payout.

PDIC issued payments through postal money order checks delivered by the Philippine Postal Corporation (PHLPost) or via LandBank-issued Visa debit cards.

Meanwhile, PHP 154.7 million—accounting for 55% of the total payouts—was paid to 744 deposit accounts that required claim filing.

These claims were processed and settled within 18 to 27 working days.

All payments to eligible depositors were charged against the Deposit Insurance Fund (DIF), PDIC’s primary funding source for deposit insurance payouts, which stood at PHP 236.95 billion at the end of 2024.

Under the PDIC Charter (Republic Act No. 3591, as amended), depositors of closed banks have two years from the date of PDIC’s takeover to file their claims.

The PDIC continues to accept claims via email, postal mail, and courier services.

Depositors may also file their claims in person at the PDIC Public Assistance Center in Makati City.

For inquiries, depositors in Metro Manila can contact the PDIC Public Assistance Hotline at (02) 8841-4141 during office hours.

Those outside Metro Manila may call the toll-free hotlines 1-800-1-888-PDIC (1-800-1-888-7342).

Clients may also send inquiries via email at pad@pdic.gov.ph or through PDIC’s official Facebook page at www.facebook.com/OfficialPDIC.