The Philippine Deposit Insurance Corporation (PDIC) warned the public to avoid making transactions with facebook accounts that use PDIC’s name. The state deposit insurer maintained that it does not have a facebook account nor accounts in other social media. Hence, all social media accounts pertaining to PDIC are unauthorized.

The PDIC is very concerned that depositors may be lured into revealing details of their deposits in these facebook accounts. They could thus fall victims to scams and other forms of fraud. These unauthorized accounts also illegally use PDIC’s name and even its seal. The PDIC said that it will pursue legal actions against the unauthorized use of PDIC’s name as well as the PDIC seal. PDIC Regulatory Issuance 2009-04 issued to its member-banks and the general public, states that the PDIC seal is for the exclusive representation of the PDIC and its unauthorized use is prohibited by law under Section 21 (g) of Republic Act 3591, as amended or the PDIC Charter.

The Corporation advised the public to access its official website, www.pdic.gov.ph for information and updates on PDIC. All PDIC statements, advisories, and other information campaigns are released through its official website.

The depositing public is further advised to course its queries and other concerns through the PDIC Public Assistance Department (PAD) at telephone numbers (02) 841-4630 to 31 or at e-mail address, pad@pdic.gov.ph. PDIC assured the public of prompt response to inquiries received through these official channels.

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.