pdic_UsapangPera_GuideBook

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Orly says, “The PDIC’s deposit insurance covers all forms of deposits in member-institutions, whether in local or foreign currencies. But there are bank products that are excluded from deposit insurance.” Financial Expert’s Corner The PDIC insures the following: by type of deposit: • savings • special savings • demand/checking • negotiable order of withdrawal (NOW) • negotiable/non-negotiable certificate of time deposits by type of account: • single account • joint account • account in trust for (ITF) another person by currency: • Philippine Peso • acceptable foreign currencies The PDIC excludes the following from deposit insurance, even if such are denominated, documented, recorded or booked as deposit by a bank: • Investment products ; • Deposit accounts or transactions that: -- are unfunded, or fictitious or fraudulent -- emanated from or constituting unsafe and unsound banking practice/s as determined by the PDIC in consultation with the BSP, after due notice and hearing and publication of PDIC’s directive to cease and desist against such deposit accounts/ transactions -- are determined to be proceeds of unlawful activity as defined in the Anti-Money Laundering Act (Republic Act 9160, as amended) 70 Member: PDIC
Unable to suppress his smile, Orly says, “This is turning out to be quite a lively discussion, isn’t it? However, let us not forget about PDIC’s other core function as Receiver and Liquidator of closed banks.” “Wait, I have a question. What happens when a bank, like this bank, is closed?” asks another depositor. “I was just getting to that, Ma’am,” says Orly and resumes his discussion of PDIC’s functions. When the Monetary Board of the Bangko Sentral ng Pilipinas issues a resolution ordering a bank’s closure or placing a bank under receivership, the PDIC is designated as the Receiver of the closed bank, and therefore, takes over the bank’s operations, records and assets. As Receiver, the PDIC administers the assets, records and affairs of the closed bank; and preserves the closed bank’s assets for the benefit of the bank’s creditors. Depositors with deposits in excess of the deposit insurance coverage or uninsured deposits are considered creditors of the closed bank. When a closed bank can no longer be rehabilitated, PDIC is directed by the Monetary Board to proceed with the liquidation of the bank as Liquidator. Liquidation of a closed bank’s assets involves conversion of real and other properties acquired (ROPA) and other assets to liquid assets to facilitate distribution to creditors. Distribution to creditors requires approval of the courts in accordance with the rules on concurrence and preference of credits. Based on provisions of the law, secured creditors are paid first and any balance after payment of receivership and liquidation expenses and settlement of preferred and secured creditors shall be distributed to ordinary creditors which include depositors’ claims in excess of the maximum deposit insurance coverage.” Member: PDIC 71
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Copyright 2013 by the Philippine De
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Foreword Through the Philippine Dep
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insured deposits. This Guidebook is
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Table of Contents A Brief History o
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Just like in the United States of A
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Table 1 1 Maximum Deposit Insurance
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Money is Important 7
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A Brief History of Money At the hou
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Different Forms of Money Seeing his
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Financial Expert’s Corner They sa
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The Different Life-Event Stages Six
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“In our case, we are saving up fo
Page 30 and 31: The next life-event stage is where
Page 32 and 33: How to Save Mang Domeng, as if to r
Page 34 and 35: Financial Expert’s Corner Saving
Page 36: Why and How to Save 1. There are ma
Page 39 and 40: A few minutes later, Tessie is alre
Page 41 and 42: • Suspicious transactions are tra
Page 43 and 44: Financial Expert’s Corner In acco
Page 45 and 46: Banks may or may not issue an ATM c
Page 47 and 48: He says that all that bank tellers
Page 49 and 50: Tessie expresses some concerns. “
Page 51 and 52: Aling Lorna smiles and continues,
Page 53 and 54: Located on the upper left hand corn
Page 55 and 56: Financial Expert’s Corner To avoi
Page 57 and 58: Mang Domeng says to Aling Lorna,
Page 59 and 60: Financial Expert’s Corner It shou
Page 61 and 62: In closing the deposit account, you
Page 64 and 65: It’s 5:30 AM on a Wednesday, and
Page 66 and 67: The over-reliance on heuristics giv
Page 68 and 69: Financial Expert’s Corner Money a
Page 70 and 71: Financial Expert’s Corner It can
Page 72 and 73: Ponzi Schemes and Pyramiding Aling
Page 74 and 75: But before the couple leaves, Harry
Page 76: More Than Just Interest Rates 1. He
Page 79: PDIC is also authorized to investig
Page 83 and 84: depositors who have obligations wit
Page 85 and 86: The agent in a “By” deposit and
Page 87 and 88: Financial Expert’s Corner Effecti
Page 89 and 90: 3. How much is Fe Santos’s insure
Page 91 and 92: Member: PDIC 1. PDIC was created by
Page 94 and 95: It is just two weeks before Mang Do
Page 96 and 97: Figure 8 Investment Risk Profile* I
Page 98 and 99: cash or near cash account. Such acc
Page 100 and 101: Financial Expert’s Corner For lon
Page 102 and 103: Ed says, “In their simplest form,
Page 104 and 105: Stocks Mang Domeng notices a bewild
Page 106 and 107: “You see, Nanay, although they ar
Page 108 and 109: Financial Expert’s Corner The adv
Page 110 and 111: Other Places to Put Your Money 1. W
Page 112 and 113: It is just one more week before Man
Page 114 and 115: Loads have a validity of one year f
Page 116 and 117: 3. Know Your Bank’s Service Fees
Page 118 and 119: time deposit automatically renewed
Page 120 and 121: 6. Be Informed About PDIC Deposit I
Page 122 and 123: “Orly, I am an OFW,” Mang Domen
Page 124 and 125: Mang Domeng excitedly replies, “S
Page 126 and 127: The Power of Information 1. You, as
Page 128 and 129: Accrued interest - earned but still
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Ponzi Scam - an illegal financial s
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Determining If Your Expenses Are Ju
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Annex B Regulatory Issuance No. 201
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3. Granting high interest rates whe
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ANNEX A: Deposit-Related Activities
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BSP Circular No. 640 (Activities Wh
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Sample Claim Form (Page 1) Annex D
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Sample Claim Status Sheet Annex E 1
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Annex G Republic Act No. 9505 Augus
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(g) “PERA Investment Product” r
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Sec. 7. Separate Asset. -The PERA s
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(d) Disclosure requirements on the
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entitled hereto, shall be subject t
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