The Market Monitor Minding the Nation's Business
The thrift bank of state pension fund Government Service Insurance System (GSIS), GSIS Family Bank, was shut down and placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC) receivership last Friday.
The decision to place the thrift bank, which has 22 branches all over the country including its headquarters at Ortigas Center, under state receivership was made by the Bangko Sentral ng Pilipinas (BSP) policy-making Monetary Board.
In a statement, PDIC said the thrift bank, which is 99.6 percent owned by GSIS, had total deposit liabilities amounting to P74.81 million as of March 31, 2016.
Total insured deposits amounted to P786.39 million, or about 80.67 percent of total deposits, it added.
The bank has seven branches in the National Capital Region, 11 branches in Cavite, one in Bulacan, and two in Laguna.
PDIC said all valid deposits will be paid up to the maximum insurance coverage of P500,000. Depositors with valid accounts and with balances of P100,000 and below will be eligible for early payment and need not file deposit insurance claims.
PDIC said that during the takeover, all bank records shall be gathered, verified and validated. Depositors have to ensure that they have complete and updated addresses with the bank, according to the PDIC. PDIC will start mailing payments to these depositors at their addresses recorded in the bank no later than the first week of June.
Depositors may update their addresses until May 24 using the mailing address update forms, which will be distributed by PDIC representatives at the bank premises, the state regulator said. For depositors who are required to file deposit-insurance claims, the PDIC will start claims-settlement operations for these accounts by the third week of June.
PDIC added it will conduct depositors-borrowers’ forums from May 25 to 27.
“Those not eligible for early payment will be informed of the requirements and procedures for filing deposit insurance claims.
The time and venue of the forum will be posted on the bank’s premises and announced in the PDIC website (www.pdic.gov.ph)” it said.
“Likewise, the schedule of the claims settlement operations, as well as the requirements and procedures for filing claims, will be announced through notices to be posted on the bank premises, at other public places, and on the PDIC website,” it added.