August 7, 2018

The state deposit insurer is pushing for more efficient record-keeping among banks through modernization and computerization. In a Bulletin issued to banks on July 4, 2018, the Philippine Deposit Insurance Corporation (PDIC) enjoined banks to implement computerization of deposit records to ensure their compliance with PDIC Regulatory Issuance (RI) No. 2015-01.

The Bulletin is a reminder to banks of the commitments under their respective plans submitted to PDIC in 2015 on the need to have the following systems in place: 1) 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; 2) 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 3) a backup and recovery system for the depositor and deposit information and deposit transactions in accordance with the disaster recovery and business continuity plan guidelines and requirements of the Bangko Sentral ng Pilipinas (BSP).

The PDIC Charter mandates all banks to keep and maintain a true and accurate record or statement of its daily deposit transactions consistent with the standards set by the BSP and the PDIC to better serve their clients.

Banks were advised to communicate with the PDIC Insurance Department at telephone numbers (02) 841-4211 and 841-4206 for more information.

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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 deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PhP500,000 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.