The Philippine Deposit Insurance Corp. (PDIC) is thankful that there are a number of strategic third party investors (STPIs) willing to take part in the due diligence of the doomed Export and Industry Bank (EIB).    
So far, only one STPI — the Yuchengco-owned Rizal Commercial Banking Corp. (RCBC) — has been identified as among that have shown intention to bring back EIB to life.
The report didn’t come from the PDIC but through a disclosure at the Philippine Stock Exchange.
The PDIC said it is happy that they have found an STPI willing to help depositors to get their money back.
Only P3 billion of the EIB’s more than P14 billion deposits have been returned, according to reports.
Since Aug. 16, a day after deadline for submission of papers for EIB rehabilitation ended, RCBC has started conducting due diligence of the closed bank.
Due diligence allows any STPI to know and examine the assets and liabilities of the closed bank.
Due diligence will also help the STPI identify all the bank’s contingents and assess if these contingents have firm basis.
The due diligence will allow the interested “white knight” to study the bank’s state thoroughly and will determine if it will pursue its interests and go on to participate in the actual bidding and how much to bid.           
“Any qualified STPI will be good to PDIC since this will move to rehabilitate EIB,” Jun Villaret, officer-in-charge of  PDIC corporate affairs, explained to The Daily Tribune.
The OIC said all STPIs have been given 15 days to conduct due diligence.   
PDIC has been strict in issuing press statements regarding EIB with its president and chief executive officer Valentin Araneta declining to comment.
Araneta has designated Villaret and PDIC executive vice president Christine Orbeta as official sources when it comes to EIB concerns.
“Please be advised that Mr. Val Araneta designated me and EVP Christy Orbeta to be the official PDIC sources of info about EIB,” Villaret said.    
EIB was supposed to be overtaken by BdO as early as 2010 but negotiations failed after the Sy-owned bank demanded that the issue surrounding the claim of businessman William Gatchalian settled first before they come in.
The talks to settle the Gatchalian issue took more than a year, forcing BdO to back out from the talks and left EIB financially bleeding profusely until it declared a  bank holiday.