PDIC BOOK LAUNCH. The Philippine Deposit Insurance Corporation (PDIC) partnered with best-selling personal finance author Efren Ll. Cruz in publishing the PDIC guidebook on banking and financial transactions, Usapang Pera: Mga Dapat Alamin. Present during the launch were government officials representing the banking and finance sector, and officers of the major bank groups, partner-agencies, and the academic community. Front row, from left: Chairperson Teresita J. Herbosa (Securities and Exchange Commission), Deputy Governor Nestor A. Espenilla, Jr. (Bangko Sentral ng Pilipinas), PDIC President Valentin A. Araneta, Monetary Board Member Armando L. Suratos and PDIC Director Rogelio W. Manalo. Standing, same order: BSP consultant Atty. Juan de Zuniga, Jr., BSP Managing Director Chuchi G. Fonacier, PDIC Executive Vice President Imelda S. Singzon, author Efren Ll. Cruz, BSP Directors Fe dela Cruz and Ma. Belinda Caraan.

In support of its financial-literacy advocacy and campaign for financial inclusion, the Philippine Deposit Insurance Corporation (PDIC) has published a financial-literacy guidebook written by bestselling personal finance author Efren L. Cruz. The book, entitled Usapang Pera: Mga Dapat Alamin, was launched on August 14, 2013 at Dusit Thani Hotel, Makati City, in the presence of PDIC partner-institutions.

PDIC President Valentin A. Araneta said that the concerted efforts of regulators towards financial literacy can help maintain a stable financial environment which is an essential ingredient for inclusive growth. “We trust that the PDIC Guidebook will make a difference for the readers in generating more savings and increasing appreciation of the risks and returns of different financial instruments,” he added.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor and PDIC Alternate Director Nestor A. Espenilla, Jr. said that the book was a manifestation of PDIC’s commitment and service in line with its corporate philosophy, “Committed to Serve.” “I am truly encouraged by all the progress that this book will make to improve the overall financial literacy of our Filipino community. This Guidebook underscores the PDIC’s efforts to empower the depositing public by shedding light on the intricacies and demystifying banking and financial transactions. The BSP is proud to join the PDIC in the effort to enhance and spread financial awareness,” he said.

Usapang Pera provides easy-to-understand guidance on basic banking and financial transactions. It aims to enhance the financial literacy of members of the vulnerable sectors of society including overseas Filipino workers (OFWs) and their families and beneficiaries, retirees, pensioners, senior citizens and first-time bank-account holders to help them manage and grow their hard-earned savings.

Following its launch, the guidebook will be used as a resource material during PDIC’s Financial Literacy Campaign to be conducted in various areas nationwide in partnership with the academe and other government agencies. The PDIC announced that the electronic copy of Usapang Pera is available at the PDIC website, www.pdic.gov.ph, and may be downloaded free of charge.

The guidebook is one of the public service projects of PDIC to commemorate its 50th founding anniversary in 2013 and will complement other PDIC’s public awareness initiatives.

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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.