MANILA, June 19 (PNA) -- The Philippine Deposit Insurance Corporation (PDIC) on Friday said claims of a total of 523 accounts amounting to P87.5 million in Legacy banks have been denied.
PDIC president Jose Nograles said the said accounts were denied because these are either not in the master list of deposit accounts, or deposits converted from pre-need plans or came from fictitious loans and the bank's marketing promotions.
He explained that letters were already sent to the concerned depositors regarding the denial.
He said the claims came from accounts maintained in four Legacy banks namely Rural Bank of Paranaque, Pilipino Rural Bank, Rural Bank of DARBCI and Nation Bank.
These four are among the 13 banks under the Legacy Group, owned by Celso delos Angeles, placed under receivership by the PDIC because of unsound and unsafe bank practices.
"If these accounts are not legitimate deposits maintained in the Legacy banks, PDIC has no legal obligation to pay these deposit insurance claims," Nograles said.
Relatively, Nograles said they have validated 54,808 accounts of the closed Legacy banks amounting to P2.32 billion as of June 5, 2009.
He said these validated accounts "are ready for payment as soon as the claims from depositors are filed and processed."
Also, the state deposit insurer said 52,916 accounts representing P5.45 billion are still subject of further examination while a total of 26,452 accounts amounting to P5.28 billion have been classified as doubtful because of incomplete documentation in the records of the Legacy banks or questionable transactions that require legal review.
Nograles said they prioritized the validation of small deposits and started paying depositors with accounts P100,000 and below last February "to give the small savers access to their valid insured deposits."
He cited that "depositors of big accounts in the Legacy banks have complained of a long delay in the validation of their deposits since the banks closed in December 2008."
This is because validation of the authenticity of these accounts takes time, he stressed.
"PDIC is determined to closely examine the banks' records and transactions to unravel the Legacy mess to ensure that it pays deposit insurance claims within the bounds set by law," he assured the public.
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