Pursuant to provisions of Republic Act (RA) No. 3591, as amended, the Board of Directors of PDIC, by virtue of Resolution No. 2006-10-150 dated 25 October, 2006, approved the following amendment to Section 1 (a) of the PDIC Regulatory Issuance No. 2002-04, which amended Section 3.02 paragraph 4 of the PDIC Rules and Regulations, prescribing a new conversion rate for foreign currency denominated deposits (FCDs) for purposes of computing the assessment, as follows:

The last paragraph of Section 1(a) of the PDIC Regulatory Issuance No. 2002-04, shall read as follows:

Deposits maintained in foreign currencies in an insured bank shall form part of total deposit obligations of said bank. Foreign currency denominated deposits shall be converted to pesos using the Philippine Dealing System (PDS) closing rates as of the assessment base days. Provided, That, in the event of future amendment of the prescribed conversion rate for foreign exchange transactions, the basis for converting foreign currency denominated deposits into pesos shall be aligned with the Bangko Sentral ng Pilipinas prescribed conversion rate as of assessment base days."

This RI shall take effect fifteen (15) days after publication in a newspaper of general circulation.

For guidance & compliance.