State-run Philippine Deposit Insurance Corp. (PDIC) is tapping the facility of the Development Bank of the Philippines (DBP) to pay off the insurance claims of depositors of banks ordered closed by the Bangko Sentral ng Pilipinas (BSP).
“The PDIC is constantly innovating to optimize technology and collaboration to improve its services for the depositing public. This partnership with the DBP is a step towards that direction,” said PDIC president and CEO Roberto Tan.
Under the agreement, PDIC will avail of BP’s multi-channel disbursement facility (MCDF) as an additional deposit insurance claims payment option.
The facility provides a number of payment avenues for the convenience and safety of affected depositors, including the Intrabank Credit Services and payment through the PESONet composed of participating banks and e-money issuers.
This most recent collaboration of PDIC and DBP assures closed bank depositors of more convenience given PESONet’s wide range of affiliated financial institutions.
“We recognize the importance of interconnectedness of financial institutions in the country and we trust that this facility for deposit insurance payments will provide convenience and better accessibility for depositors of closed banks,” Tan added.
The MCDF also complements the current PDIC payment channels such as Postal Money Orders, checks, Cash-over-the-Counter scheme with Land Bank of the Philippines, and Real Time Gross Settlement (RTGS)/Bank Transfer.
PDIC assured the public that transactions under the MCDF are safe, secure, and fully compliant with the Know Your Client (KYC) procedures of the BSP, the Data Privacy Act, and Anti-Money Laundering laws and regulations.