PDIC widens payout channels for depositors of closed banks

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) has expanded the reimbursement options for depositors of closed banks who qualify for automatic payment without filing deposit insurance claims.

This allows proceeds to be credited through bank transfers and e-wallets such as GCash, Maya Bank and ECPay.

The enhanced payment options apply to individual depositors and registered entities with deposit balances of up to P500,000 who are not borrowers, co-makers or spouses of borrowers, whose records contain complete and updated addresses. These depositors are entitled to receive their insured funds automatically.

PDIC said the initiative is intended to make payouts faster and more convenient, eliminating the need for eligible clients to physically process claims or visit payout venues.

In partnership with the Development Bank of the Philippines, the state insurer is utilizing the bank’s Multi-Channel Disbursement Facility (MCDF) to support the new electronic channels.

Through an electronic form issued by the PDIC, qualified depositors may select their preferred mode of payment and provide their bank account details or verified e-wallet information. Existing options, including postal money order checks issued by PhilPost and Land Bank Visa debit cards, remain available.

The MCDF is an online system capable of bulk payment processing using a secure file transfer protocol through the PESONet platform, and is also used for depositors who must file claims.