She was supposed to deposit some money to the Export Industry Bank (EIB) at lunch yesterday when Renita Tahil received some unexpected news.
“I initially planned to go to the bank during our lunch break but my husband called me earlier and told me that he heard over the radio that PDIC already took over the bank,” said Tahil, Cebu Daily News advertising supervisor for production.
Tahil said she talked to the bank’s operations manager Hope dela Cruz who told her that the bank went on voluntary receivership with the Philippine Deposit Insurance Corp. (PDIC).
Despite this, Tahil said she isn’t scared about not getting back her balance because the manager assured her that her outstanding balance is still under the insurance coverage of P500,000 and below.
Tahil said she received reports that the bank’s decision to volunteer for receivership was in preparation for the Banco de Oro takeover. Banco de Oro bought the bank last year. The PDIC takeover reportedly stunned depositors and the bank employees themselves.
PDIC said effective yesterday, management of the bank will be under them in keeping with Monetary Board Resolution No. 686 dated April 26, 2012.
“As receiver, PDIC shall gather all the assets of the closed bank and verify and validate all bank records,” the statement read.
The PDIC said all insured depositors will receive insurance on all valid deposit accounts as soon as possible.
PDIC Executive Vice President in charge of Receivership and Liquidation, Cristina Q. Orbeta was designated official spokesperson on with VP for Corporate Affairs Group Maria Leonida Fres-Felix as deputy spokesperson.”
PDIC said payment for accounts with balances of P10,000 and below comprising 62 percent of the bank’s total deposit accounts of 50,052 is targeted to start by the end of May.
Holders of these accounts with no outstanding loans and who have updated their addresses in the bank in the past year, need not file deposit insurance claims, it added.
Depositors with account balances of more than P10,000 are advised to attend the forum to be done nationwide in which procedures, instructions and requirements for filing claims will be discussed.
Claims servicing operations for accounts of over P10,000 are expected to commence not later than end of June.
PDIC spokesperson Aura Calbarrio said they don’t know the reason behind the voluntary receivership.
“We still don’t know the reason for the receivership. We took over because we were designated by BSP,” said Calbarrio.
But in its statement, Bangko Sentral ng Pilipinas said EIB bank’s liabilities exceeded its assets.