May 7, 2018

The Philippine Deposit Insurance Corporation (PDIC) warns the public against individuals who misrepresent the Corporation through issuance of “Certificates of Registered Depositor Membership” bearing its logo and signed by a certain Atty. Sonny D. Delos Santos and Joseph Carlos D. Sta. Maria. PDIC clarified that these individuals are not connected with the PDIC.

The PDIC urged the public to exercise prudence and vigilance against such misrepresentation and to report any information of all unverified documents purportedly originated from PDIC. Any information about these may be reported directly to the PDIC Public Assistance Department through telephone numbers 841-4630 or 841-4631 (for callers within Metro Manila) and toll-free hotline 1-800-1-888-7342 or 1-800-1-888-PDIC (for callers outside Metro Manila), or through e-mail at pad@pdic.gov.ph or send a private message to PDIC’s Facebook account through www.facebook.com/OfficialPDIC. Information may also be reported personally at the Public Assistance Center located at the 3/F SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City.

PDIC clarified in an advisory that it does not issue “Certificates of Registered Depositor Membership” or any document certifying that an individual is a bona fide depositor of a bank, nor does it collect any fee from depositors in exchange for deposit insurance up to the maximum deposit insurance coverage.

As state deposit insurer, PDIC insures deposits in banks up to the maximum deposit insurance coverage (MDIC) of PHP500,000 per depositor per bank. All depositors with valid deposit balances in banks authorized to operate by the Bangko Sentral ng Pilipinas (BSP) are entitled to deposit insurance provided by PDIC.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PHP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.