P50 COMMEMORATIVE BILL. As a fitting tribute to 50 years of providing protection to the depositing public and helping maintain financial stability, the Bangko Sentral ng Pilipinas (BSP) has circulated P50 commemorative bills highlighting the golden anniversary of state deposit insurer Philippine Deposit Insurance Corporation (PDIC) and its customer philosophy, “Committed to Serve”.
The Bangko Sentral ng Pilipinas (BSP) has issued for public circulation P50 commemorative bills bearing the logo of the Philippine Deposit Insurance Corporation (PDIC) and its 50th anniversary theme, “Committed to Serve”, to commemorate PDIC’s golden anniversary.
The PDIC is the government entity mandated to provide depositor protection and help maintain stability in the financial system.
The P50-commemorative bill was launched during the PDIC-hosted International Conference on “Financial Inclusion: Challenges and Issues for the Deposit Insurer” on June 20, 2013, a gathering of deposit insurance experts from various deposit insurance jurisdictions and multilateral organizations worldwide. Department of Finance Secretary and Chairman of the PDIC Board of Directors Cesar V. Purisima was the Conference's keynote speaker.
The BSP issues commemorative bills to observe significant events of national interest. The P50-commemorative bills aim to raise public awareness on the PDIC and deposit insurance.
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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.