CEBU, Philippines - The Philippine Deposit Insurance Corporation (PDIC) announced the release of new rules and regulations for the filing of requests for reconsideration of denied deposit insurances claims.
The Regulatory Issuance no. 2011-03, which took effect on June 30 this year, provides a mechanism by which depositors of closed banks may seek reconsideration from the decision of the PDIC to deny deposit insurance claims.
In a statement, PDIC said that for more effective monitoring and tracking, all written requests for reconsideration should be addressed to SVP (senior vice president) Sandra A. Diaz, sector head for Deposit insurance sector of PDIC.
The request must be filed within 60 days from the receipt of the notice of denial of claim. Also, the request must attach to his letter the original or certified true copy of his evidence of deposit existent prior to the bank’s closure which had not been submitted to the PDIC at the time of the filing of claims.
A pro-forma request for reconsideration is likewise made available to the depositors to guide them in filling their request for reconsideration. This can also be downloaded from the PDIC website, www.pdic.gov.ph.
According to PDIC the request must also contain a statement authorizing PDIC to examine bank records to verify authenticity and veracity of documents submitted and a waiver from Republic Act No. 1405 also known as the Law on Secrecy of Bank Deposits.
The requirement will enable the PDIC to readily verify and authenticate the representations and submissions of the depositor.
PDIC shall have 120 days from receipt of the letter-request for reconsideration to decide on the request. PDIC will no longer entertain requests for reconsideration filed after the lapse of the 60-day period from the receipt of notice of denial.
All banks are mandated to post a copy of the said Regulatory Issuance in their premises. Banks must also submit compliance reports duly certified by their compliance officers. The RI is posted on the PDIC website.
As of early June this year, PDIC announced that there are still depositors of the closed Banco Filipino Savings and Mortgage Bank (BF), who are not able to get their claims, due to incomplete requirements.
PDIC said that there are over 25,000 accounts with balances of P10,000 and below were found to have incomplete names and addresses or no addresses on record. Thereby, the agency urged these depositors to file formal deposit insurance claims. — (FREEMAN)