|FREQUENTLY ASKED QUESTIONS|
|What is the Philippine Deposit Insurance Corporation (PDIC)?|
PDIC is a government instrumentality created in 1963 by virtue of Republic Act 3591 to insure the deposits of all banks which are entitled to the benefits of insurance. The latest amendments to RA 3591 are contained in RA 10846 signed into law on May 23, 2016. RA 10846 empowered PDIC with stronger authorities to protect the depositing public and promote financial stability. The new law also includes important provisions to ensure that the PDIC remains financially and institutionally strong to fulfill its mandate under its Charter.
The PDIC now has the authority to help depositors have quicker access to their insured deposits should their bank close; resolve problem banks while still open; hasten the liquidation process for closed banks; and mete out stiffer sanctions and penalties against those who engage in unsafe and unsound banking practices.
The PDIC is an attached agency of the Department of Finance.