Depositors angry over Export Bank's closure

PDIC to pay insurance claims by end-May

MANILA, Philippines - Depositors have expressed anger and frustration over the closure of Export and Industry Bank (Export Bank).

Corazon Madriaga cried when she found out about the bank's closure.

She works as a cook, and her savings of more than P70,000 took her 4 years.

Madriaga and her husband were going to use part of the money to pay off a loan they got for their child's tuition.

"Pawis luha at pagod ang pinuhunan doon. Nanlamig ako, naiyak, sana ibalik naman nila agad," she said.

Jon Gutierrez, meanwhile, is worried about how to give the salaries of his employees.

Their company's payroll account is with Export Bank.

"Dapat ma-realize nilang buhay ng mga tao ang apektado dahil sa pagsasarang ito. Paano na yung mga tao namin ngayon?" Gutierrez asked.

Depositors in the provinces are also dismayed over the bank's closure.

The Philippine Deposit Insurance Corporation (PDIC), however, said depositors can get back up to P500,000 of their money.

"We have ample funds to pay but we need time to process," PDIC president Valentin Araneta said.

The PDIC will start paying depositors end of May, starting with those whose deposits are up to P10,000.

By the end of June, those with deposits of over P10,000 to P500,000 can claim their money.

Forums will also be conducted starting Monday to explain the procedure for filing insurance claims.

The meetings will be held at the following areas:

April 30
Export Bank's NAIA and BF Homes branches

May 2 - 9:30 a.m.
Makati Coliseum
Export Bank's head office in Pasong Tamo
Bel-Air
HV dela Costa
Rufino
Pasay Road
The Fort

May 2 - 1 p.m.
Verdant covered court, Pamplona 3, Las Piñas
Las Piñas and Alabang branches

Depositors should present a claim form and documents such as a passbook, ATM card, time deposit certificate, and bank statements to prove one's account.

These will be submitted to the PDIC or to the Export Bank branch of the depositor.

Madriaga said she cannot afford to wait for a long period.

She needs the money immediately so her child can enroll for this coming school year. 

- report from Jing Castañeda, ABS-CBN News; ANC