State deposit insurer Philippine Deposit Insurance Corp. (PDIC) paid ₱106.9 million in deposit insurance claims in 2025 to depositors of two rural banks ordered closed by the Bangko Sentral ng Pilipinas (BSP).

PDIC reported in a Feb. 11 statement that the payouts covered over 3,700 claims across 3,111 deposit accounts from the recently closed rural banks in the provinces of Bulacan (Emerald Rural Bank Inc.) and Oriental Mindoro (Oriental Tamaraw Rural Bank of Naujan Inc.).

Both banks were taken over by PDIC in the first half of 2025.

Total claims paid in 2025 were lower than the ₱281.5 million in deposit insurance claims paid in 2024 to depositors of three banks ordered closed by monetary authorities.

“Payments were made both to depositors who formally filed claims and to those eligible for outright payment under the PDIC’s waiver policy for deposit insurance claims filing,” the insurer said.

Under the policy, individual depositors who are not borrowers, spouses of borrowers, or co-makers of the closed banks, as well as registered businesses or organizations with deposit balances of up to ₱500,000, will no longer need to file deposit insurance claims, provided their mailing addresses in bank records are complete and updated.

Over 3,400 claims, or 92 percent of the total deposit accounts, were settled through outright payment. Affected depositors with claims amounting to ₱44.4 million were paid within 13 days from PDIC’s takeover of the two banks.

PDIC’s target turnaround time (TAT) is two weeks, while the prescribed TAT is 21 working days.

Meanwhile, a total of 303 claims amounting to ₱62.5 million were settled within 15 to 20 working days upon receipt of complete claims.

PDIC reminded depositors of the closed lenders who have yet to file their claims that “they have up to two years from the date of the PDIC’s takeover of the banks to do so, in accordance with the PDIC Charter.”

Claims can be filed through email, postal mail, courier, or by visiting PDIC’s public assistance center in person.