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PHILIPPINE DEPOSIT INSURANCE CORPORATION
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BULLETIN   
BULLETIN NO. 2004-05
TO :Member Banks
SUBJECT :Republic Act No. 9302 Amending Sections 1, 4(g), 6(a), and 6(h) of Republic Act No. 3591, as amended, (otherwise known as the "PDIC Charter")

In implementation of the provisions of Republic Act No. 9302 amending the Charter of the Philippine Deposit Insurance Corporation (RA 3591, as amended), effective 12 August 2004, please be guided by the following:

  1. Increase in the Maximum Deposit Insurance Coverage [Section 4(g) of RA 3591, amended]

    2. The maximum deposit insurance cover is increased to P250,000.00 per depositor.

  2. Increase in the Minimum Semi-Annual Assessment Fee [Section 6(a), ibid]

    3. The semi-annual assessment due for each insured bank shall be the product of the assessment base multiplied by ½ of 1/5 of one percent (1%) but in no case shall it be less than P5,000.00.

  3. Continuing Insurance Cover [Section 1 in relation to Section 6(h), ibid]

    4. It is PDIC's basic policy to promote and safeguard the interests of the depositing public by way of providing permanent and continuing insurance coverage on all insured deposits and, as such, it shall not terminate the insured status of a bank, which continues to operate or receive deposits, for non-payment of assessment fees.

    For your guidance.

RICARDO M. TAN 
President and CEO

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PDIC is a government instrumentality created in 1963
by virtue of Republic Act 3591, as amended, to insure
the deposits of all banks. PDIC exists to protect
depositors by providing deposit insurance coverage for the depositing public and help promote financial stability. PDIC is an attached agency of the Bangko Sentral ng Pilipinas.
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