PDIC pays P614-M in deposit insurance in 2023

THE Philippine Deposit Insurance Corporation (PDIC) paid depositors of banks ordered closed in 2023 a total of P614 million in deposit insurance.

In its year-end data, the state deposit insurer reported that payments were also made more swiftly than the turnaround time (TAT) set for 2023. Total payments represented claims for 15,796 valid deposit accounts maintained in seven banks that were ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) in 2023.

Paid accounts represented 87% of the total deposit liabilities of 18,080 accounts.

Further, total payments accounted for 94 percent of the total estimated insured deposits amounting to P651.3 million.

Of the total payments, P137.0 million was paid to depositors who were not required to file deposit insurance claims. This accounted for 22% of the total payments for the year.

Depositors representing 13,546 accounts or 86 percent of the total number of deposit accounts benefitted from waived filing. This group of depositors was paid within 10 to 17 days from the bank takeover date, earlier than the target payment TAT of 14 to 19 days.

Eligible for waived filing are individual depositors who have valid deposit accounts with balances of P100,000 and below, who have no outstanding loans with the closed bank, and who have a complete mailing address in the bank records or who updated this information through the PDIC Mailing Address Update Form (MAUF).

Meanwhile, payments for depositors who are required to file claims amounted to P477 million, or 78 percent of the total payments for the year. The PDIC settled their claims within 15 to 26 days, also faster than the target payment TAT of 21 to 27 days. /