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PHILIPPINE DEPOSIT INSURANCE CORPORATION
Deposits are insured by PDIC up to P500,000 per depositor
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PDIC launches Compendium of Regulatory Issuances and Bulletins
Comprehensive guide to PDIC directives. The PDIC launched on December 7, 2012 its Compendium of Regulatory Issuances and Related Bulletins at the Ascott Makati. Photo shows PDIC President Valentin A. Araneta (extreme right) turning over a copy of the Compendium to the bank associations represented by (from left to right) President Edward Leandro Z. Garcia, Jr. (Rural Bankers Association of the Philippines), Executive Director Cesar O. Virtusio (Bankers Association of the Philippines) and Executive Director Suzanne I. Felix (Chamber of Thrift Banks).

The Philippine Deposit Insurance Corporation (PDIC) recently launched the PDIC Regulatory Issuances and Bulletins, a compendium of the Corporation’s regulations on bank operations and deposit insurance, in simple ceremonies attended by officers from the Bankers Association of the Philippines (BAP), Chamber of Thrift Banks (CTB), and the Rural Bankers Association of the Philippines (RBAP). Also present were PDIC Directors Rogelio Manalo and Protacio Tacandong; Bangko Sentral ng Pilipinas (BSP) Managing Director Chuchi Fonacier, RBAP Past President Corazon Miller, and other bankers.

PDIC President Valentin A. Araneta said that the Compendium serves as the member-banks’ guide in ensuring compliance to PDIC rules and regulations in their respective organizations, citing that the member-banks are PDIC’s partners in enhancing the public awareness of deposit insurance protection for depositors.

The Compendium contains Regulatory Issuances and Bulletins to member-banks. Regulatory Issuances provide specific guidelines on new rules and regulations being implemented by the Corporation, while the Bulletins are latest notices and announcements concerning reportorial requirements and other deposit insurance issues.

The PDIC intends to work more closely with the players in the banking industry in carrying out its mandates of promoting depositor protection and in the maintenance of financial stability.

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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 permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 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.

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PDIC is a government instrumentality created in 1963
by virtue of Republic Act 3591, as amended, to insure
the deposits of all banks. PDIC exists to protect
depositors by providing deposit insurance coverage for the depositing public and help promote financial stability. PDIC is an attached agency of the Bangko Sentral ng Pilipinas.
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