Here are links to lists of closed banks in the Philippines from 2000 to 2021:
Will I Lose All My Money in the Bank if My Bank is Closed Down?
No. You can claim all or a portion of your money. Your money in the bank, up to 500,000 pesos, is insured by the Philippine Deposit Insurance Corp. (PDIC). If you didn’t participate in any illegal bank activity to fill up your account, your account is insured, up to 500,000 pesos.
All valid accounts in licensed banks in the Philippines, including foreign currency deposit accounts and valid accounts in branches or subsidiaries of foreign banks, are covered by the PDIC deposit insurance,
What Should I Do When My Bank is Closed Down?
Read the Notice to Depositors about your failed bank on the PDIC website, newspapers or at your bank’s premises.
You can also check updates on the official Facebook page of the PDIC: Official PDIC Facebook Page
Do I Have to File a Claim to Get My Money?
No and Yes.
For Those With 100,000 Pesos or Less in the Bank
If your total deposit with the failed bank is 100,000 pesos or less, you will not need to file your claim. Your check will be mailed to you in the form of a postal money order. PDIC will use your address found in the bank’s records or in the Mailing Address Update Form (MAUF) that you’ll send to PDIC prior to address update deadline.
But if you are a borrower, co-borrower or a spouse of a borrower, or if your contact details are not updated, or if your account is maintained as a business entity, you need to contact the bank, or attend the scheduled PDIC meeting at the bank premises, or the scheduled online meeting, as announced on posters in the bank premises.
For Those With More than 100,000 Pesos in the Bank
You need to know instructions from the PDIC, specific to your failed bank. Take note of the following:
- You only have 2 years to file your claim, starting from date of PDIC’s takeover of your bank. After 2 years have passed, your claim will no longer be accepted.
- You can file your claim by one of 3 ways:
- File onsite within a period of time, as scheduled by PDIC
- File at the PDIC office in Makati during office hours on business days
- Mail your claim to the PDIC office in Makati
- Prepare your proofs of deposit: passbook, ATM card, certificates of time deposit, bank statement, used or unused checks, loan agreements, loan statements, loan payment receipts, etc.
- Prepare at least two valid IDs: driver’s license, SSS/GSIS ID, senior citizen’s ID, passport, voter’s ID, PRC ID, Seaman’s ID, OWWA/OFW ID, Alien Certificate of Registration ID
- For claimants who did not sign their bank records, prepare a notarized Special Power of Attorney (SPA). For minors, the SPA must be executed by the parent.
- For depositors less than 18 years old, prepare a photocopy of your birth certificate and valid ID of your father or mother.
- For those filing through mail, download the PDIC Claim Form. Accomplish, sign and notarize the form. Make sure your signature on the claim form is similar to your signature in the bank records and on the IDs you will present.
I Have Two Accounts in My Bank. Are My Accounts Covered up to 1 Million Pesos? Two Times 500,000?
Sad to say, NO. If you have more than one account or more than one type of deposit account in your branch (savings deposit, time deposit, demand deposit, in-trust-for you deposit), or have accounts in other branches of your bank, these will be added together for coverage computation, but the PDIC will cover only up to 500,000 pesos.
If you have a joint account in the same bank, you and your co-account owner can make another claim — a separate claim — as it’s co-owned by you and another person. It’s covered separately, up to 500,000 pesos.
Are There Accounts or Cards Not Covered by PDIC Deposit Insurance?
Yes, there are. The following accounts and cards are NOT INSURED:
- Cash cards
- Electronic reloadable cards
- Visa or Mastercard prepaid or debit cards which are not savings accounts
- Investment products such as bonds, securities, and trust accounts
- Deposit accounts which are unfunded or fraudulent
- Deposit accounts determined to contain money from unsound banking practices or from unlawful activities as defined by the Anti-Money Laundering Law.
It has been a relief to know that the Lists of Closed Banks in the Philippines have been getting shorter due to efforts by the BSP. Over the years, the BSP has launched programs to strengthen banks and to protect the public from bank failures.
Frequently Asked Questions about PDIC, deposit insurance and claims
PDIC Public Assistance Center
Private message via Facebook page:
Metro Manila hotline: (632) 8841-4141
Fax No.: (632) 8841-4085
Outside Metro Manila:
Toll Free: 1-800-1-888-7342 or
PDIC Mailing Address:
The Public Assistance Department
Philippine Deposit Insurance Corporation
3/Floor SSS Building, 6782 Ayala Avenue corner
V.A. Rufino Street, 1226 Makati City
PDIC Makati Office:
PDIC Public Assistance Center
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V. A. Rufino St
Office Hours: 8:00 AM to 5:00 PM, Monday to Friday, except holidays