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08 September 2013

Unitrust depositors, creditors to receive partial payment starting Sept. 9

The Philippine Deposit Insurance Corporation (PDIC), the Liquidator of the closed Unitrust Development Bank (Unitrust), announced that it will start distributing cash payments to the depositors and creditors of Unitrust starting September 9, 2013. The cash portion is in partial settlement of the claims of the depositors and creditors of Unitrust against the assets of the bank.
To receive the payment, Unitrust depositors and creditors are required to appear personally or thru a duly authorized representative at the Unitrust Development Bank Exchange Corner located at the Ground Floor, Exchange Corner Complex Condominium, Exchange Corner Building, V.A. Rufino St. corner Esteban and Bolanos Sts., Legaspi Village, Makati City on their designated schedule. The schedule is based on the list that was published on September 1, 2013, in a newspaper of general circulation and also posted in the PDIC website, Depositors are required to present two (2) valid identification documents (IDs) and submit their corresponding duly accomplished and notarized Release, Waiver and Quitclaim, With Undertaking. Additional requirements for individual creditors, sole proprietors and corporate creditors as well as the schedule of cash payments are posted in the PDIC website. The Release, Waiver and Quitclaim, With Undertaking may also be downloaded from the website.
PDIC Executive Vice President Cristina Q. Orbeta of the Receivership and Liquidation Sector assured concerned depositors and creditors that Unitrust has sufficient funds to pay all the claims.
Presiding Judge Winlove Dumayas of the Regional Trial Court of Makati City, Branch 59 (Liquidation Court) earlier ordered the depositors and creditors of Unitrust to attend the hearing set on September 10, 2013 at 8:30 a.m., at the Liquidation Court  “to agree to the proposed allocations of their interests in the real properties as payment equivalent to 38% of their respective claims” and “to execute their respective quitclaims and waivers once all their claims have been fully-settled.”  This is pursuant to the Omnibus Order dated August 5, 2013 issued by the Liquidation Court. The Order further directed PDIC to submit before the Liquidation Court a list of all unfiled claims after the 45-day period counted from the date of publication of the notice as these unfiled claims shall be written-off and shall be distributed to the stockholders of the Unitrust.
The PDIC urged Unitrust depositors and creditors to attend the September 10 hearing set by the Liquidation Court to discuss the payment of the remaining balance of their respective claims. The proposal of Unitrust stockholders is to pay the remaining balance with real properties.
The payment of the cash portion of the claims is without prejudice to the final resolution of PDIC’s petition for certiorari (C-A-G.R. No. 128241) before the Court of Appeals on the December 17, 2012, Order.
For more information, depositors and creditors may visit the PDIC website at or call Mr. Ronald C. Angeles at telephone no. 841-4780 and Mr. Marcelo Torres at telephone numbers 841-4784 and 841-4983.
Unitrust was ordered closed by the Monetary Board on January 4, 2002, and is now under the liquidation of the PDIC.