PDIC sets payout sked for Nation Bank depositors
BACOLOD CITY -- Around 500 depositors of the closed Nation Bank attended a forum led by the Philippine Deposit Insurance Corp. (PDIC) at the BAYS Center Monday.
The forum is in connection with PDIC's plan to start payouts to depositors with account balances of P100,000 beginning Friday, February 13, while depositors with balances above P100,000 will have to wait until March.
PDIC under the law pays a maximum deposit insurance of P250,000 for each depositor, together with earned interest up to the closure date.
It would cover depositors from Bacolod City main office, and three other branches in Negros Occidental located in Bago City, La Carlota City, and Binalbagan, and one from Sta. Barbara, Iloilo.
PDIC has assigned Democrito Bitang, assistant manager of the Receivership and Liquidation Department II-B, as deputy receiver for Nation Bank, and will be stationed at the bank's main office in Bacolod until February 27.
The PDIC team led by Nancy Sevilla-Samson, vice president for Receivership and Liquidation Group on their forum announced the payment schedule and answered queries from depositors.
In Western Visayas, Nation Bank has about 6,000 depositors in all its five branches when it officially closed on Dec. 22, 2008. The Monetary Board on the other hand placed the bank under the PDIC receivership on Dec. 19, 2008.
Ten days after it declared a bank holiday, PDIC took over its branches, assets, records, and affairs.