The Philippine Deposits Insurance Corporation started distributing claim forms for savings and time depositors with more than P100,000 deposits Wednesday.

78-year old Aguido Alimpos from Compostela town in Cebu was among the hundreds who came to get their forms with priority numbers at Philippine Countryside Rural Bank (PCRB) Lilo-an Branch.

Alimpos has over a hundred thousand pesos deposit. He said that he first deposited the amount in a rural bank in Compostela but the rural bank closed a few years ago. He then decided to transfer it at PCRB but after a couple of years, the bank closed along with the other rural banks under the Legacy Group of Companies.

I was of course upset when the bank closed. Somehow I felt that this money is cursed (he laughs). This money comes from the lands of our parents that we sold about a decade ago,” said Alimpos.

But Alimpos is assured that he will get his full amount since PDIC has insurance on deposits up to P250,000, unlike Engineer Epifanio Jordan who has a deposit worth P335,000.

“I had that amount when I retired from work. I’m just really bothered whether I can get all my money back knowing that PDIC will only give P250,000 insurance,” said Jordan.

PDIC said that as of the moment Jordan will get only the insured P250,000 of his deposits. The remaining P105,000 will only be given back to him after the bank’s asset will be liquidated. PDIC however, cannot give a timeline as to when the liquidation will be over.

For now, PDIC reminds depositors to bring photocopies of their two valid identification cards and passbooks to get their claim forms. They also asked the depositors to only transact with authorized PDIC personnel.

They also clarified that there is no payment in processing for claims.

The distribution of forms would last until April 3. The payment of the insurance would reportedly start on March 23.