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Member: PDIC<br />
1. PDIC was created by Republic Act 3591 in 1963 to “promote and<br />
safeguard the interests of the depositing public by way of providing<br />
permanent and continuing insurance coverage on all insured<br />
deposits.”<br />
2. The two Public Policy Objectives of the PDIC are: depositor protection<br />
and financial stability.<br />
3. To support the public policy objectives, the PDIC performs the<br />
following mandates:<br />
• Co-Regulator of banks<br />
• Deposit Insurer<br />
• Receiver and Liquidator of closed banks<br />
4. The maximum deposit insurance coverage is Php500,000 per<br />
depositor per bank. The insurance covers all forms of deposits in<br />
member-banks whether in local or foreign currencies.<br />
5. As to types of deposits, the PDIC insures the following:<br />
• savings<br />
• special savings<br />
• demand/checking<br />
• negotiable order of withdrawal (NOW)<br />
• negotiable/non-negotiable certificate of time deposits<br />
6. The following are not covered by the PDIC:<br />
• Investment products;<br />
• Deposit accounts or transactions that:<br />
--<br />
are unfunded, or fictitious or fraudulent emanating from<br />
or constituting unsafe and unsound banking practice/s as<br />
determined by the PDIC in consultation with the BSP, after<br />
due notice and hearing and publication of PDIC’s directive<br />
Member: PDIC 81
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