PDIC taps DBP to expand deposit claims channels

THE PHILIPPINE Deposit Insurance Corp. (PDIC) has partnered with the Development Bank of the Philippines (DBP) to allow bank and electronic transfers for the reimbursement of depositors of closed banks.

This applies to those who are eligible for outright payment without filing deposit insurance claims, the state deposit insurer said in a statement on Monday.

“Closed bank depositors who are individuals or registered entities with outstanding balances of up to P500,000 and who are neither borrowers, co-makers, nor spouses of borrowers are not required to file deposit insurance claims. Provided further that their addresses in the closed banks’ records are complete and updated, these depositors automatically receive their insured deposits from the PDIC without the need to leave the comfort of their homes.”

Under the partnership, the PDIC will use DBP’s Multi-Channel Disbursement Facility (MCDF) to allow payments via bank transfer and electronic money or electronic wallet via GCash, Maya, and DCPay.

PDIC already uses the MCDF to pay depositors who are required to file claims.

The online payment system enables bulk processing of payments via a secure file transfer protocol facility through PESONet.

“By filling out an electronic form to be sent by the PDIC, qualified closed bank depositors can choose how they want to be paid. If the option is bank transfer or by electronic money/wallet, qualified depositors should indicate their bank account or a verified e-money/wallet account, respectively,” PDIC said.

This adds to other available payment options, which are through postal money order checks issued by the Philippine Postal Corp. and Visa debit cards of the Land Bank of the Philippines. — Aaron Michael C. Sy