The Philippine Deposit Insurance Corporation (PDIC) has expanded the reimbursement options for depositors of closed banks who are eligible for outright payment without the need to file deposit insurance claims.

Depositors in this category can now opt to receive payments through bank transfers and electronic wallets, specifically GCash, Maya, and DCPay.

This initiative is being implemented in partnership with the Development Bank of the Philippines (DBP), utilising its Multi-Channel Disbursement Facility (MCDF).

The waiver for filing deposit insurance claims applies to depositors with outstanding balances of up to P500,000.

To qualify for this automatic reimbursement, depositors must be individuals or registered entities who are not borrowers, co-makers, or spouses of borrowers of the closed bank. Additionally, their addresses in the bank’s records must be complete and updated.

Qualified depositors will receive an electronic form from the PDIC to select their preferred payment channel. Those opting for the new digital methods must indicate their bank account or verified e-wallet account details.

Prior to this expansion, the PDIC limited payment options to Landbank Visa debit cards and postal money order (PMO) cheques issued by the Philippine Postal Corporation.

For depositors required to file claims, the PDIC also employs the MCDF system, which leverages the PESONet platform for secure bulk payments.

According to the PDIC, the corporation has gradually rolled out the filing claim waiver since 2009 to meet the changing needs of bank depositors.

Featured image by snowing via Freepik.