NEWS/PRESS RELEASE
PR-141-19
Date of Release: December 16, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC) recently released rules amending the Regulatory Issuance (RI) on bank advertisements relating to deposit insurance following the launch of the new PDIC logo and the approval of the new official insurance statement, “Deposits are insured by PDIC up to P500,000 per depositor”, to reinforce the state deposit insurer’s public policy objectives of providing depositor protection and promoting financial stability.

The official insurance statement replaces the long-standing statement, “Member: PDIC. Maximum deposit insurance per depositor P500,000”, and the short title, “Member: PDIC”.

The amendments are contained in RI 2019-01 which prescribes the guidelines, procedures and standards on the use, display requirements, and procurement of the PDIC seal, official insurance statement and official signs, among others. RI 2019-01 took effect on November 15, 2019.

The amended RI requires banks to use the new official insurance statement in its general advertisements and advertisement of its deposit products. The banks are also required to indicate the official insurance statement in depositors’ evidence of deposits and in the homepage of the banks’ websites and mobile banking applications and its website page where deposit products and services are presented.

The RI prohibits banks to use or include the official insurance statement in print, video and audio advertisements pertaining to bank products not covered by the deposit insurance.

The use of the official insurance statement is likewise prohibited in bank advertisements on insurance coverage of addition to or renewal of existing deposits and new deposits made after the termination of the insured status of a bank.

The regulation also authorizes PDIC to remove the PDIC seal, official insurance statement, and PDIC official signs in any display, sign, or exhibit of banks, to discontinue their use if these are found inconsistent with the policy objective of said RI, and to impose sanctions against an erring bank, and/or its officials and employees. The bank and/or its directors, officers, employees, or agents who are found in violation of pertinent sections of the RI shall be subject to administrative fines, and may also be liable for civil and criminal actions as provided for in Republic Act No. 3591, as amended, or the PDIC Charter.

The PDIC is set to conduct roadshows for bank compliance officers to orient them on the salient provisions of the amended regulation. The full text of the RI 2019-01 is posted in PDIC website, www.pdic.gov.ph.

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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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 8841-4636 to 39
Trunkline: (02) 8841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC