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PDIC to Banco Filipino clients: Small depositors will be prioritized

Wednesday, 23 March 2011 00:00

AROUND 200 depositors of Banco Filipino in Cagayan de Oro were dismayed by the policy of the Philippine Deposit Insurance Corporation (PDIC) on selective return of money to the depositors of the bank. In an interview with this writer after a dialogue between PDIC and the depositors yesterday morning at Lapasan covered court, depositor Elizabeth Wright said the PDIC policy to return money only to small-time depositors is unjust.

Earlier, PDIC information officer Nathaniel Tumbokon told them that only persons or entities with P5,000 deposits and below would be prioritized in the process. Tumbokon further told the grumbling audience that those with deposits worth P5,001 and up would have to wait for further announcement from PDIC and Banco Filipino on when they would get their money back.

But he assured them that the processing of the claims for big-time depositors will start once the examination of all Banco Filipino records will be finished. Wright said she was disheartened because she had a P5-million time deposit with Banco Filipino which would mature this year. She added that she availed of Banco Filipino's Double Your Money promo and by the end of this year her money would have doubled to P10-million. Then came last week's crisis at the bank. Momentarily, Banco Filipino depositors are advised to process their claims at the bank and PDIC, which does not have an office in Region 10.

PDIC has temporarily set up shop at the Banco Filipino branch in Cagayan de Oro located along JR Borja Street in between National Bookstore and Ororama Cogon. Per Philippine law, the maximum allowable refund for a depositor of an ailing bank in the country is P150,000. It was learned that on March 17, PDIC took over Banco Filipino in compliance with Resolution No. 372A of the Monetary Board.
Tumbokon said yesterday that 53 percent of the bank's total deposits consist of balances P5,000 and below.
He also said that claimants will be given postal money order by PDIC and these can be encashed at the Philippine Postal Corporation or any Land Bank branch.