AS payouts to some depositors of closed Export & Industry Bank (EIB) is underway, the Philippine Deposit Insurance Corporation (PDIC) has engaged the services of Alba Romeo & Co. as financial auditor to determine the financial condition of the bank.
The payout operations for EIB depositors with account balances of P10,000 and above started on June 19 and it will be conducted in three batches to cover all 50 banking units of EIB.
For depositors with valid accounts amounting to P10,000 and below, PDIC began mailing postal money order (PMO) payments last May 22.
The PDIC said the total PMO payments amounted to P34.17 million involving 22,636 accounts or about 47% of the total deposit accounts maintained with EIB. Total estimated insured deposits of EIB is placed at P3.4 billion.
Alba Romeo & Co., the Philippine affiliate of Binder Dijker Otte International, a UK company with more than 600 offices in 100 countries, will take full accounting of the assets and liabilities of the bank and ascertain the reasonableness of valuation and recoverability of assets and accuracy of liabilities.
Due diligence will commence on July 2, 2012 while the bidding for the rehabilitation of EIB is tentatively scheduled for August2012.
The PDIC, which is tasked to determine the rehabilitation proposal that is most advantageous to depositors, creditors and taxpayers, gave assurance that it is exerting all efforts to benefit uninsured depositors.