PDIC starts rebid of Unitrust rehab

The Philippine Deposit Insurance Corp. (PDIC) announced yesterday that it will start accepting applications to prequalify for the rebidding of the rehabilitation of Unitrust Development Bank, Inc. (Unitrust) on Aug. 12 until Aug. 15, 2002.

In an open invitation, PDIC called on all interested parties to signify their intent to rehabilitate Unitrust by coordinating with PDIC’s Risk Management Group III for the list of prequalification documents and biding guidelines. All prequalification requirements should be submitted on Aug. 15, 2002.

PDIC shall require submission of various documents from proponents, which are categorized as follows: (1) banks and financial institutions; (2) foreign institutions; (3) individuals and non-financial institutions.

Any representation or warranty that is proved to be incorrect or misleading shall be a cause for disqualification or rejection of the offer. Only those applicants who were prequalified shall submit the rehabilitation proposals.

All prequalified applicants and PDIC shall execute confidentiality agreements relative to disclosures of information on the rehabilitation. Rehabilitation proposals are subject to written consent of Unitrust stockholders who represent two-thirds of the capital stocks of the closed bank.

Proponents who meet all prequalification requirements shall be invited to an investors briefing on Aug. 16, 2002.

Meanwhile, the PDIC also announced yesterday that the examination of deposit records are being fast-tracked to be able to service claims of depositors of All AsiaBank Corp. by next month.

In a statement, the PDIC reported that with the cooperation of former employees of the bank, its timetable for examination is on schedule and processing of claims for insured deposits may start by September 2002 or sooner subject to consolidation of all deposit accounts in the six units of all AsiaBank. The examination of deposits is a prerequisite before payment of claims.

The PDIC disclosed that requests for advance payment of insured deposits may be accepted by PDIC claim agents stationed at the bank premises under its emergency payout facility (EFP) for highly meritorious emergency cases such as illness/death of the depositor or a member of his immediate family and tuition fee payment of the depositor or his dependents.

Requests under the EPF shall be in written form and subject to submission of required documents. Payment of insured deposit is approved after processing of claim at the PDIC home office in Makati City.

All AsiaBank was placed under receivership of the PDIC by virtue of Monetary Board Resolution No. 1134 dated Aug. 2, 2002.

The PDIC shall announce the schedule of claims servicing as soon as examination is concluded.