THE Philippine Deposit Insurance Corporation (PDIC) announced that it had started mailing
payment for deposit insurance to Banco Filipino Savings & Mortgage Bank (BF) depositors
with account balances of P5,000 and below, with no outstanding loans and whose addresses
are complete in the bank’s records.
Payment is in the form of postal money orders (PMOs). These PMOs can be encashed
in more than 1,400 post offices and over 300 Land Bank of the Philippines branches
nationwide.
In a statement, PDIC said that as of end December 2010, accounts with balances of P5,000
and below make up 53 percent of the total number of deposit accounts maintained in the
bank.
“This is the first batch of payments and mailing of PMOs to depositors will continue daily.
Please allow time for the delivery of the PMOs to your houses,” PDIC executive vice
president Cristina Orbeta said.
