July 15, 2016

Public service partnership. Philippine Deposit Insurance Corporation (PDIC) President Cristina Que Orbeta and Land Registration Authority (LRA) Administrator Eulalio C. Diaz III have agreed to set up an LRA Kiosk/Extension Office at the PDIC office premises in Makati City. The Memorandum of Agreement was signed by PDIC and LRA on June 9, 2016 at the LRA Offices in Quezon City. The partnership is aimed at ensuring the efficiency of operations of the state deposit insurer, which is also the statutory receiver and liquidator of closed banks. As receiver and liquidator of closed banks and as a corporate/government entity, PDIC routinely needs to verify land titles of properties to expedite transactions of clients and liquidation of assets of closed banks. The PDIC LRA Extension Office was inaugurated on June 23, 2016 during the 53rd Anniversary celebration of the Corporation. Also in photo are LRA Deputy Administrator Atty. Ronald A. Ortille and PDIC Executive Vice President Ma. Ana Carmela L. Villegas who witnessed the MOA signing.

* * * * *

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 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.