pdic_UsapangPera_GuideBook

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Php600,000, Php500,000 shall be covered by deposit insurance, and Php100,000 shall be a claim against the assets of the closed bank. Claims for excess deposits are considered ordinary claims and are settled after all preferred claims are paid. Preferred claims include government taxes, labor claims, secured credits and trust funds.” “Well, thank you very much for this Depositors-Borrowers Forum, Sir Orly,“ says Aling Daisy at the end of the Forum. “Now I don’t have to worry about my money, since I am assured that it is covered by PDIC’s deposit insurance. I will definitely file my deposit insurance claim during the scheduled Claims Settlement Operations.” Turning to her friends, Aling Daisy says, “Thank you for coming with me today. Everything is clear to with me now.” “Don’t worry, Daisy,” replies Aling Lorna. “We learned a lot, too. Now we know what to do in case our bank is ordered closed.” 80 Member: PDIC
Member: PDIC 1. PDIC was created by Republic Act 3591 in 1963 to “promote and safeguard the interests of the depositing public by way of providing permanent and continuing insurance coverage on all insured deposits.” 2. The two Public Policy Objectives of the PDIC are: depositor protection and financial stability. 3. To support the public policy objectives, the PDIC performs the following mandates: • Co-Regulator of banks • Deposit Insurer • Receiver and Liquidator of closed banks 4. The maximum deposit insurance coverage is Php500,000 per depositor per bank. The insurance covers all forms of deposits in member-banks whether in local or foreign currencies. 5. As to types of deposits, the PDIC insures the following: • savings • special savings • demand/checking • negotiable order of withdrawal (NOW) • negotiable/non-negotiable certificate of time deposits 6. The following are not covered by the PDIC: • Investment products; • Deposit accounts or transactions that: -- are unfunded, or fictitious or fraudulent emanating 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 Member: PDIC 81
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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
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The next life-event stage is where
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How to Save Mang Domeng, as if to r
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Financial Expert’s Corner Saving
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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 and 80: PDIC is also authorized to investig
Page 81 and 82: Unable to suppress his smile, Orly
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: 3. How much is Fe Santos’s insure
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
Page 130 and 131: Ponzi Scam - an illegal financial s
Page 132 and 133: Determining If Your Expenses Are Ju
Page 134 and 135: Annex B Regulatory Issuance No. 201
Page 136 and 137: 3. Granting high interest rates whe
Page 138 and 139: 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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