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April 12, 2024

PDIC delivers: 94% of insured deposits paid out for closed Banks in 2023

The Philippine Deposit Insurance Corporation (PDIC) efficiently disbursed P614 million in deposit insurance payouts in 2023, demonstrating its commitment to protecting depositors’ funds.

These payouts were extended to depositors of seven banks shuttered by the Bangko Sentral ng Pilipinas (BSP) last year.

According to PDIC’s statement on Monday, these disbursements encompassed 15,796 valid deposit accounts from the closed banks, constituting 87 percent of the total deposit liabilities of 18,080 accounts. The total payouts covered 94 percent of the total estimated insured deposits, amounting to P651.3 million.

Out of the P614 million, PDIC noted that P137 million was allocated to depositors exempt from filing deposit insurance claims, constituting 22 percent of the total payouts for the year.

A substantial portion, comprising 13,546 accounts or 86 percent of the total number of deposit accounts, benefited from waived filing requirements. These depositors received their payments within 10 to 17 days from the bank takeover date, falling ahead of the target payment turnaround time (TAT) of 14 to 19 days.

Eligibility for waived filing was extended to individual depositors with valid accounts holding balances of P100,000 and below, and without outstanding loans with the closed bank.