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PDIC pays more than half of the Legacy Bank claims


State-run Philippine Deposit Insurance Corp. (PDIC) has paid almost 63.27 percent of the P2.26-billion approved claims to Legacy Bank amid missing bank records and alleged fraud cases, president Jose C. Nograles said. However, some 19,070 claims amounting to P2.55 billion were put on hold due to further verification although Nograles assured all valid claims would be paid soon. In a statement, Nograles said P1.43 billion has been given to Legacy Bank depositors while P834.3million is scheduled for release. “PDIC had been meticulous in the first and second phases of the validation in accordance with the standard procedures in claims processing. This is in response to the post-audit review that the Commission on Audit undertakes after payments are disbursed and sent to depositors through registered mail," he added. Depositors have been informed to submit necessary documents to confirm 21,819 claims amounting to P2.83 billion. A total of 39,020 claims amounting to P4.76 billion are in process. “Once these are validated, claimants will be sent their check payments or letters notifying them of the status of their claims," he said. The PDIC denied payment for 4,164 claims worth P204.07 million. Close to 82 percent were 3,429claims for non-existent accounts at P125.4 million while the balance of 709 claims worth P78.68 million were either fictitious or questionable accounts. As of August, the PDIC has completed examination of accounts of 81 percent of the total 134,653 accounts at 109,791 while the remaining accounts with incomplete documents or referred to legal. Nograles said claims processing, which is the second phase of the validation, is in full swing as individual claims filed together with required documents are verified prior to payout to determine that the right depositor is paid. Accounting firm Punongbayan & Araullo has been tapped to scrutinize the schemes used by Legacy banks to deceive the public and the funding source for payouts of valid deposit insurance claims. - Ruby Anne M. Rubio, GMANews.TV

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