A set of regulations on computerized deposit record-keeping to efficiently determine the amount of insured bank deposits and enable prompt and accurate reimbursement of deposit insurance claims, when necessary, will take effect on February 27, 2015.

The Board of the Philippine Deposit Insurance Corporation (PDIC) recently approved the Rules and Regulations Governing Computerized Records of Bank Deposits for compliance of all member-banks. Under Regulatory Issuance No. 2015-01, member-banks are required to have (i) a computerized database system where updated and accurate depositor/deposit information and deposit transactions for each and every deposit account are maintained and safely stored for five (5) years from the date of transaction, (ii) a facility that can readily generate the Deposit Account View (DAV), a report that provides consolidated depositor/deposit information for every deposit account in a form specified by PDIC, and (iii) a backup and recovery arrangement for the depositor/deposit information and deposit transactions in line with the disaster recovery and business continuity plan guidelines and requirements of the Bangko Sentral ng Pilipinas (BSP).

A plan of implementation for the PDIC requirements and a report on the features of systems used for computerized database must be submitted on or before March 30, 2015, 30 days from date of effectivity of the Regulatory Issuance.

Member-banks and/or any of its responsible employees or agents who violate the Regulatory Issuance will face administrative fines in accordance with Section 21 (g) of the PDIC Charter.

Regulatory Issuance No. 2015-01 is available at the PDIC website, www.pdic.gov.ph.

Prior to the finalization and release of the Regulatory Issuance, PDIC conducted a series of consultations with the BSP, the Bankers Association of the Philippines (BAP), Chamber of Thrift Banks (CTB), and the Rural Bankers' Association of the Philippines (RBAP) from March to April 2014. Nationwide road shows were also held for member-banks during the latter half of 2014.

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