|REGULATORY ISSUANCE NO. 2011-03|
Pursuant to its authority under Section 8(10) of Republic Act No. 3591, as amended (PDIC Charter), and to further implement the applicable provisions on the settlement of insured deposits, the PDIC Board of Directors by virtue of Resolution No. 2011-03-043, dated March 30, 2011, approved the promulgation of the following rules and regulations for the filing of requests for reconsideration for denied claims for deposit insurance.
Section 1. Statement of Policy
PDIC is tasked to promote and safeguard the interests of the depositing public by way of providing permanent and continuing insurance coverage on all insured deposits, and in helping develop a sound and stable banking system at all times. To this end, the PDIC shall pay all legitimate deposits held by bona fide depositors and provide a mechanism by which depositors may seek reconsideration from the decision of the PDIC denying a deposit insurance claim.
Section 2. Coverage.
This Regulatory Issuance shall apply to all deposit insurance claims denied by PDIC either wholly or partially.
The procedure laid down in this Regulatory Issuance shall likewise apply to Section 4(d)(4) of Regulatory Issuance 2011-02 entitled “Rules & Regulations Governing Deposit Accounts or Transactions Excluded from the Coverage of Deposit Insurance”.
Section 3. Request for Reconsideration of Denied Claims
All requests for reconsideration shall be:
The request shall contain a statement authorizing the PDIC and its officers, employees or agents to examine, inspect or inquire into any or all of bank deposit records in any bank relative to the claim for deposit insurance in order to check the authenticity and veracity of documents submitted and allegations made in support of the request. It shall also contain an express waiver of the provisions of Republic Act No.1405, as amended, Republic Act No. 6426, as amended, Republic Act 8791, and other similar laws on the confidentiality of bank deposits.
Section 4. Action on the request
Upon receipt of the request for reconsideration, PDIC may, at its option:
Section 5. Decision on the Request for Reconsideration
The PDIC shall have one hundred twenty (120) days from the issuance of the notice submitting the request for reconsideration for resolution within which to issue its Decision.
Section 6. Finality of Decision
Request for reconsideration filed after the lapse of the sixty (60) day period shall no longer be entertained by the PDIC and the decision of the PDIC denying the deposit insurance claim/s shall be deemed final.
Section 7. Remedy in Case of Denial of Request for Reconsideration
A depositor whose request for reconsideration is denied by the PDIC with finality shall have thirty (30) days from receipt of the notice denying the request for reconsideration within which to file a petition for certiorari with the court pursuant to Sec. 4(g) of the PDIC Charter.
Section 8. Duties of the Bank
All Banks shall, within forty-five (45) days from date of effectivity of this Regulatory Issuance:
Section 9. Repealing Clause
All issuances, rules and/or regulations of the PDIC which are inconsistent with this Regulatory Issuance are hereby repealed or amended accordingly.
Section 10. Effectivity
This Regulatory Issuance shall take effect fifteen (15) days after publication in a newspaper of general circulation in the country.
June 15, 2011