December 29, 2016

The Philippine Deposit Insurance Corporation (PDIC) welcomed Atty. Eduardo M. Pangan, newly appointed member of the PDIC Board of Directors, representing the Private Sector.

As a partner at the Mendoza & Pangan law firm, Atty. Pangan brings with him more than two decades of experience in corporate law, negotiating and structuring acquisitions and divestments, investments and joint ventures in various industries.

The new PDIC Director graduated from the Ateneo Law School in 1991 and was admitted to the Philippine Bar in 1992. He is a member of the Alliance of M&A Advisors.

Atty. Pangan joins Mr. Rogelio Guadalquiver as newly appointed member of the PDIC Board of Directors.

Under Republic Act No. 10846, the amended PDIC Charter that took effect on June 11, 2016, PDIC's Board composition increased from five to seven, with the addition of two more directors from the private sector. PDIC is headed by the Secretary of the Department of Finance (DOF) as ex-officio Chairman. The PDIC President serves as Board Vice Chairman and the Bangko Sentral ng Pilipinas (BSP) Governor is ex-officio member of the Board.

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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.