This article was last updated on April 16, 2022
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Philippine Deposit Insurance Corporation (PDIC) has taken over Export and Industry Bank (EIB) completely on Friday as per the instructions of the Central Bank (CB). The CB said that the change of ownership is due to the “inability to meet its obligations as they become due” on the part of EIB.
PDIC also made an announcement on Friday regarding the takeover of EIB and mentioned that the taking over of the commercial bank has been instructed by the Central Bank and is according to the number 686 resolution of the Monetary Board Resolution. PDIC said, “Payment for accounts with balances of P 10,000 and below comprising 62% of the bank’s total deposit accounts is targeted to start by the end of May. Holders of these accounts who have no outstanding loans and who have updated their addresses in the bank in the past year need not file deposit insurance claims.”
Furthermore, they said, “During the forums, the procedures, instructions and requirements for filing claims will be discussed. Claims servicing operations for accounts of over P 10,000 are expected to commence no later than end of June.”
During the announcement made by the CB, they said that the receivership of EIB to PDIC has been approved due to the “inability to meet its obligations as they become due, insufficient realizable assets to meet its liabilities and its inability to continue in business without involving probable losses to its depositors or creditors.”
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