The Philippine Deposit Insurance Corp. (PDIC) will start claims settlement operations (CSO) for depositors of the closed Millennium Bank Inc.
Only with those balances of P10,000 and above are covered by the operation beginning July 25, 2012.
Millennium Bank Inc. is a one-branch rural bank located at Del Pilar St. in Cabanatuan City, Nueva Ecija. It was  placed under PDIC receivership last May 25, 2012.
As of March 31, the bank had 1,451 accounts with total deposit liabilities of P37.52 million.
Paying of depositors will be conducted from July 25 to Aug.1, 2012 at the closed bank’s premises.
During the CSO, deposit insurance claims will be processed and valid claims will be paid.
A day before the payment date, PDIC will distribute priority numbers which correspond to the depositors’ appointment dates. This is to ensure orderly payment.
The appointment date indicates when the depositor can get her/his money back.
 The appointment dates are posted at the premises of Millennium Bank and at the PDIC Web site http://www.pdic.gov.ph/.  
Depositors must present a deposit slip in order to get a priority number. Depositors with priority numbers are requested to proceed to the bank premises on their appointment dates.
Earlier, PDIC had started paying depositors with valid accounts with balances of P10,000 and below through postal money orders sent via registered mail to the depositors’ addresses in the bank records.
The depositors who have no outstanding obligations with the bank and have updated addresses were not required to file claims.