The Philippine Deposit Insurance Corp. (PDIC) will release P834.3 million more insurance claims to the depositors of Legacy-affiliated banks which were shut down by the Central Bank last December.

This brings to P2.32 billion total Legacy accounts validated and released. PDIC has previously paid P1.43 billion insurance to depositors of the Legacy banks.

The P2.32 billion represents 54,808 accounts validated out of 134,653. As of end-August, 109,791 of the total have been authenticated. PDIC President Jose C. Nograles is confident that all “valid claims will be paid soon.”

About 52,916 accounts which need payments of P5.45 billion are still subject for further examination while 26,452 accounts amounting to P5.28 billion have been classified as doubtful due to incomplete documentation in the records of the Legacy banks or questionable transactions that require legal review, said PDIC.

About 39,020 claims amounting to P4.76 billion are in still in the process of examination. “Once these are validated, claimants will be sent their check payments or letters notifying them of the status of their claims,” said Nograles.