Guidelines for Claims on Closed Bank Assets

The Guidelines are issued pursuant to PDIC authority under Section 9(10) of the PDIC Charter (Republic Act No. 3591, as amended).
The Guidelines implement Section 16(L) of the PDIC Charter on the filing of claims against the assets of a closed bank with the receiver.
The PDIC Board approves issuance of the Guidelines through Board Resolution No. 2017-07-097 dated July 26, 2017.

The Guidelines establish the rules for filing, supporting, validating, and resolving claims against the assets of a bank ordered closed, including the consequences of failing to file or substantiate claims within the prescribed periods (Sections 2–8).
The Guidelines require creditors to follow a written, document-supported claim process administered by PDIC procedures for receiving and validating filed claims (Sections 4–6).

These Guidelines cover all claims against the assets of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas after June 11, 2016 (Section 1).
Creditors of a closed bank, including depositors (accreditorsa for brevity), must file a claim against the assets of the closed bank (Section 2).
Creditors whose credits are secured by a duly registered real estate mortgage are no longer required to file a claim against the assets of the bank (Section 2, citing Article 2125, Civil Code of the Philippines).
Creditors whose credits are secured by a chattel mortgage are no longer required to file a claim against the assets of the bank (Section 2, citing Articles 2140–2141, Civil Code of the Philippines).
Creditors whose credits are secured by a duly constituted pledge are no longer required to file a claim against the assets of the bank (Section 2, citing Articles 2093–2095, Civil Code of the Philippines).
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 claims against the assets of the bank (Section 2).

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 3).
PDIC issues a documentary deficiency notice when supporting documents are incomplete or insufficient; the claimant must submit the required documents or deficiencies within fifteen (15) working days from receipt of the notice (Section 4(c)).
The submission period for documentary deficiencies may be extended for a maximum period of fifteen (15) working days upon written request and on meritorious grounds (Section 7).
Claims filed beyond the prescribed sixty (60) days period for filing of claims are disallowed (Section 7).

Claims must be filed in writing, preferably using the prescribed Claim Form (Annex A-1) (Section 4(a)).
Claims must be supported by photocopies of documents establishing the liability of the closed bank, including documents such as:
- Statement of Account and Billing Statement (Section 4(b)(i–ii));
- Promissory Note, Rediscounting Agreement, and Loan Agreement (Section 4(b)(iii));
- Pertinent contracts or agreements such as lease contracts, subscription contracts, consultancy agreements, and engagement agreements (Section 4(b)(iv));
- For uninsured deposits: passbook/CTD/proof of deposits (Section 4(b)(v));
- Other documents validating and establishing the bank’s liability as applicable (Section 4(b)(vi)).
Submitted supporting documents must be validated against the bank’s records, and the originals of supporting documents must be presented to PDIC for comparison (Section 4(b)).
For claims filed through mail or e-mail, the original supporting documents must be submitted to PDIC before release of payment/s (Section 4(b)).

Claims may be filed personally at the bank premises during takeover operations (Section 5(a)).
Claims may be filed directly at the 3rd Floor, PDIC Public Assistance Center, located at 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM (Section 5(a)).
Claims may be filed through mail addressed to the Public Assistance Department, PDIC, 6th Floor, 6782 Ayala Avenue corner V.A. Rufino St., Makati City (Section 5(b)).
Claims may be filed via email at pad@pdic.gov.ph (Section 5(b)).

PDIC acknowledges receipt of the claim and informs the creditor in writing to submit the documentary deficiency/ies if any (Section 6(a)).
The creditor must submit complete supporting documents or documentary deficiency/ies to PDIC within the period provided in Sections 3 and 4 (Section 6(a)).
If the claim is verified to be valid, PDIC issues a Claim Certificate in favor of the creditor (Section 6(b); Annex A-4).
If the claim is disallowed, PDIC notifies the creditor in writing of the reason for disallowance (Section 6(c); Annex A-5).
PDIC documentary processes include the prescribed forms: Acknowledgement Letter (Annex A-2), List of Documentary Deficiency/ies (Annex A-3), and Notice of Disallowance (Annex A-5) (Sections 6 and 9).

The absence or insufficiency of supporting documents results in disallowance of the claim (Section 7).
PDIC disallows claims filed beyond the prescribed sixty (60) days period for filing of claims (Section 7).
The period to submit documentary deficiencies may be extended for a maximum of fifteen (15) working days upon written request and on meritorious grounds (Section 7).

After receipt of the written notice of denial, the claimant has sixty (60) days to file a written request for extension to the liquidator or to file with the liquidation court (Section 8).