PANGASINENSES who have deposits of P5,000 or less in closed Banco Filipino can expect to receive their deposit insurance soon through postal money order (PMO).

The Philippine Deposit Insurance Corporation (PDIC), which has taken over Banco Filipino on March 17, 2011 in implementation of Monetary Board Resolution No. 372.A dated March 17, 2011 designating PDIC as receiver of the bank, said in a statement that it is fast-tracking the payment of deposit insurance to clients of the closed bank.

For depositors with account balances of more than P5,000, claim forms will be distributed during the Depositors Forums to be conducted nationwide next week.

During the Forums, procedures, instructions and requirements for filing claims will be discussed.  The schedule for claims receiving will be announced shortly after the examination of bank records.

For accounts with balances of P5,000 and below, which comprise 53% of the bank’s total deposit accounts of 176,313, the PMOs will be mailed directly to the depositors via registered mail.

These PMOs can be encashed at any of the over 1,400 postal offices and over 300 LandBank of the Philippines branches nationwide.  Holders of these accounts who have no outstanding loans and whose address is current in the bank records do not need to file deposit insurance claims.

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