Eighty-one percent of the insured depositors of three recently closed banks have already been reimbursed with ₱281.2 million in 2024, the Philippine Deposit Insurance Corporation (PDIC) reported.

According to the government-run deposit insurance fund, 94 percent of the ₱298.6 million total insured deposits for these banks has already been settled. By volume, these payments covered 7,482 accounts, majority of the total 9,231 accounts.

The three banks that were ordered closed by the Bangko Sentral ng Pilipinas (BSP) last year were Rural Bank of Cuyo (Palawan) Inc., Cooperative Bank of Bohol, and Community Rural Bank of Medellin (Cebu) Inc.

The PDIC is handling the distribution of the remaining funds to the banks’ creditors and depositors.

Outright payments, totaling ₱126.8 million (45 percent of the total), were paid to nearly 7,000 depositors who were “eligible for outright payment up to the threshold of ₱500,000, without the need to file deposit insurance claims.”

Other than the half-a-million-pesos threshold, individual depositors and registered businesses must have no outstanding loans, and a complete or updated mailing address qualify for waived filing and automatic payment from the PDIC.

The PDIC had disbursed payments through postal money order checks via PHLPost or Visa debit cards issued by the state-run Land Bank of the Philippines.

As per the PDIC, these depositors received their payments within 10 to 18 working days after its takeover of the banks.

“This mode of deposit insurance payment where filing of a claim with the PDIC is waived provides prompt reimbursement and enhanced convenience to closed bank depositors,” it said in a statement.

Meanwhile, the PDIC paid ₱154.7 million to depositors who needed to file claims, accounting for 55 percent of the total payments. This covered 744 deposit accounts, or 10 percent of all paid accounts. Processing of these claims took a bit longer, at 18 days to nearly a month.

The PDIC funds payments to eligible depositors through the Deposit Insurance Fund (DIF)—its primary fund source for deposit insurance payouts—which stood at ₱236.95 billion at end-2024.

Under the PDIC Charter, depositors of closed banks have two years from its takeover to file their insurance claims. The PDIC accepts claims via e-mail, postal mail, courier, or in person at its public assistance center in Makati City.