State deposit insurer Philippine Deposit Insurance Corporation (PDIC) promptly paid P106.9 million in deposit insurance claims in 2025, delivering timely relief to depositors of two banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) during the year.
The PDIC reported that the payouts covered 3,736 claims across 3,111 deposit accounts from the closed Emerald Rural Bank, Inc. in Bulacan and Oriental Tamaraw Rural Bank of Naujan, Inc. in Oriental Mindoro. 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.
Under this policy, individual depositors who are not borrowers, spouses of borrowers, or co-makers of the closed banks, as well as registered businesses or organizations, whose deposit accounts have an outstanding balance of up to P500,000, will no longer be required to file their deposit insurance claims, provided that they have complete and updated registered mailing addresses in bank records.
Eligible depositors received their payments through the Philippine Postal Corporation’s postal money orders (PMOs) or Visa debit cards issued by Landbank. PMOs and debit card payment notices were sent via registered mail directly to depositors’ recorded addresses, allowing them to receive funds without visiting claims settlement sites or submitting documents, saving them time, money, and resources.
The bulk of payments, representing 3,433 claims or 92% of total deposit accounts, were settled through outright payment. These claims represented P44.4 million or 42% of the total amount paid, and were completed within 10 to 13 working days from the PDIC’s takeover of the two banks, a day faster than the Corporation’s target turnaround time (TAT) of 14 working days.
The PDIC also exceeded performance targets for depositors required to file claims. A total of 303 claims amounting to P62.5 million, representing 58% of total claims paid for the year, were settled within 15 to 20 working days upon receipt of complete claims, faster than the prescribed TAT of 21 working days.
The Corporation has reminded depositors of the closed Emerald Rural Bank, Inc. and Oriental Tamaraw Rural Bank of Naujan, Inc., 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 may be submitted via e-mail, postal mail, courier service, or
in person at the PDIC Public Assistance Center. The PDIC took over the closed Emerald Rural Bank, Inc and Oriental Tamaraw Rural Bank of Naujan, Inc. on January 24, 2025, and May 13, 2025, respectively.
For inquiries, depositors of closed banks who are in Metro Manila may call the PDIC Public Assistance Hotline during office hours at (02) 8841-4141. Claimants outside Metro Manila may call the PDIC Toll-free hotlines at 1-800-1-888-PDIC or 1-800-1-888-7342, also during office hours. Inquiries may also be sent through e-mail at pad@pdic.gov.ph or private message to PDIC’s official Facebook page at www.facebook.com/OfficialPDIC.
