Guidelines in Filing a Claim against the Assets of a Closed Bank

January 10, 2018

PDIC MEMORANDUM NO. 01-18

 

Pursuant to its authority under Section 9 (10) of the PDIC Charter (Republic Act No. 3591, as amended), the Board of Directors of the Philippine Deposit Insurance Corporation issued Board Resolution No. 2017-07-097 dated July 26, 2017 approving the issuance of these Guidelines in Filing a Claim against the Assets of a Closed Bank implementing Section 16 (L) of the PDIC Charter on the filing of claims against the assets of the closed bank with the receiver within sixty (60) days from the date of publication of the notice of closure.

SECTION 1. Coverage. —

These Guidelines shall cover all claims against the assets of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas after June 11, 2016. 1

SECTION 2. Who Are Required to File a Claim against the Assets of a Closed Bank. —

Creditors of a closed bank including depositors ("creditors" for brevity) are required to file their claim against the assets of a closed bank.

However, creditors whose credits are secured by a duly registered real estate mortgage 2 or chattel mortgage 3 or duly constituted pledge 4 are no longer required to file their claims against the assets of the bank.

Likewise, depositors who have filed their claims for deposit insurance within sixty (60) days from the date of publication of the notice of closure are no longer required to file their claims against the assets of the bank. CAIHTE

SECTION 3. When Should Claims be Filed. —

Creditors must file their claim within sixty (60) days from the date of publication of the notice of closure of a bank in a newspaper of general circulation.

SECTION 4. How Should Claims be Filed. —

a. Claims shall be filed in writing preferably using the prescribed Claim Form; 5

b. Claims shall be supported by photocopies of documents that will establish the liability of the closed bank, such as, but not limited to, the following:

i. Statement of Account

ii. Billing Statement

iii. Promissory Note, Rediscounting Agreement, Loan Agreement

iv. Pertinent contracts or agreements, such as, lease contracts, subscription contracts, consultancy agreements, engagement agreements

v. For uninsured deposits: passbook/CTD/proof of deposits

vi. Other documents to validate and establish the liability of the bank, as may be applicable.

The submitted supporting documents shall be validated against the records of the bank. The originals of the supporting documents shall be presented to PDIC for comparison. For claims filed through mail or electronic mail (e-mail), original supporting documents shall be submitted to PDIC before release of payment/s.

c. In case PDIC finds the supporting documents to be incomplete or insufficient to establish the liability of the bank, it shall issue a notice of documentary deficiency. The claimant shall have fifteen (15) working days from receipt of the said notice to submit the supporting documents or documentary deficiencies.

SECTION 5. Where to File the Claim. —

a. Claims may be filed personally at the bank premises during takeover operations, or directly at the 3rd Floor, PDIC Public Assistance Center, located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM.

b. Claims may also be filed through mail addressed to the Public Assistance Department, PDIC, 6th Floor, 6782 Ayala Avenue corner V.A. Rufino St., Makati City or via email at [email protected]

SECTION 6. PDIC's Procedures in Receiving and Validating Filed Claims. —

a. Acknowledge the receipt of the claim 6 and inform the creditor in writing to submit documentary deficiency/ies, 7 if any. The creditor must submit the complete supporting documents or documentary deficiency/ies to PDIC within the period provided in Secs. 3 and 4.

b. If the claim is verified to be valid, a Claim Certificate 8 shall be issued in favor of the creditor for this purpose.

c. If the claim is disallowed, the creditor shall be notified in writing of the reason for the disallowance 9 of his/her claim.

SECTION 7. Disallowance of Claim Due to Absence/Insufficiency of Supporting Documents and Filing beyond the 60-Day Period for Filing of Claims. —

The absence or insufficiency of documents to support the claim shall result in the disallowance of the claim. However, the period to submit the documentary deficiencies may be extended for a maximum period of fifteen (15) working days upon written request of the claimant and on meritorious grounds. Claims filed beyond the prescribed 60-day period for filing of claims shall likewise be disallowed.

SECTION 8. Remedy from Disallowance. —

The claimant has sixty (60) days after receipt of the notice of denial of claim to file his/her claim by request in writing for extension to the liquidator or file with the liquidation court.

SECTION 9. Effectivity of these Guidelines. —

These guidelines shall take effect fifteen (15) days after its publication either in the Official Gazette or in a newspaper of general circulation. DETACa

 

(SGD.) ROBERTO B. TANPresident

 

ATTACHMENT

Receivership and Bank Management Group

Claim Form

List of Documentary Deficiency/ies

Claim No. _____

Name of Claimant

Dear Mr./Ms. ____________________:

Please submit the following additional documents to PDIC within the sixty (60) days from ________ or until ______________.

1. ____________________________________________

2. ____________________________________________

3. ____________________________________________

4. ____________________________________________

5. ____________________________________________

The period to submit the foregoing documents may be extended for a maximum period of fifteen (15) working days upon written request of the claimant and on meritorious grounds.

Failure to submit the foregoing documents within the allowed period shall result in the disallowance of your claim.

_______________________________ Signature over Printed Name

Acknowledgment Letter

Claim No. _____

Name of Claimant

Dear Mr./Ms. ____________________:

This is to acknowledge receipt of your claim against the assets of the closed _____________ filed on _______________ amounting to __________.

Please be informed that your claim against the assets of the closed __________________ will be evaluated and validated against the records of the closed ____________________. As soon as said evaluation and validation is completed, we will notify you immediately.

_______________________________ Signature over Printed Name

Claim Certificate

 

Claim No. _____

Name of Claimant

Dear Mr./Ms. ____________________:

Please be informed that your claim against the assets of the closed __________________ filed on ______________ amounting to ____________ has been validated against the records of the closed _____________________ and recognized as a valid claim thereof. aDSIHc

Please be advised that the settlement of all valid claims of the bank will depend on the availability of distributable assets of the bank and in accordance with legal priority under the Civil Code of the Philippines and other applicable laws, subject to the approval of the duly constituted Liquidation Court of the bank. 1

Creditors who will participate in the distribution of the assets of the bank will be notified of the filing of the asset distribution plan of the bank with the Liquidation Court.

_______________________________ Signature over Printed Name

Notice of Disallowance

Claim No. _____

Name of Claimant

Dear Mr./Ms. ____________________:

Pursuant to Section 16 (L) of RA 3591, as amended by RA 10846, please be informed that your claim against the assets of the closed __________________ was disallowed for failure to file the claim within sixty (60) days from date of publication of the Notice of Closure of ___________ on _____________________. Under the law, claims filed outside the said period shall be disallowed.

You have sixty (60) days from receipt of this Final Notice of Disallowance to file your claim with the Liquidation Court. 1

_______________________________ Signature over Printed Name

 

Footnotes

1. Effectivity of Republic Act No. 10846 amending the PDIC Charter.

2. Art. 2125, Civil Code of the Philippines.

3. Arts. 2140-2141, id.

4. Arts. 2093-2095, id.

5. Annex A-1 — Claim Form.

6. Annex A-2 — Acknowledgement Letter.

7. Annex A-3 — List of Documentary Deficiency/ies.

8. Annex A-4 — Claim Certificate.

9. Annex A-5 — Notice of Disallowance.

ATTACHMENT

1. In Re: Petition for Assistance in the Liquidation of the closed __________________________________, Philippine Deposit Insurance Corporation, Petitioner, Spl. Proc. No. ________, Branch ______, Regional Trial Court of ____________________.