MANILA—The Philippine Deposit Insurance Corporation (PDIC) has expanded reimbursement options for eligible depositors of closed banks who no longer need to file claims to receive their insured deposits.

According to PDIC, these depositors may now opt to receive payments through bank transfers and electronic money or e-wallet services, including GCash, Maya, and DCPay, making the reimbursement process faster and more convenient.

Individuals or registered entities with deposits of up to P500,000 and who are not borrowers, co-makers, or spouses of borrowers qualify for automatic payment. Their addresses on bank records must also be complete and updated. Under this system, eligible depositors “automatically receive their insured deposits from the PDIC without the need to leave the comfort of their homes.”

To enable the expanded channels, PDIC partnered with the Development Bank of the Philippines (DBP) and is using the bank’s Multi-Channel Disbursement Facility (MCDF). Qualified depositors will receive an electronic form from PDIC where they can choose their preferred payment option and provide their bank account or verified e-wallet details. Existing payment options such as postal money order checks and Landbank Visa debit cards remain available.

The MCDF allows bulk processing of transactions through a secure file transfer system using the PESONet platform and is also used for depositors who are required to file insurance claims.

PDIC has been gradually implementing the waiver of filing since 2009, now covering deposits up to P500,000, “in response to the changing financial landscape and the growing needs of bank depositors.”

The agency stated that it remains committed to strengthening public trust in the banking system through prompt release of deposit insurance.