1. Filing of the RCS of Deposit Liabilities and Remittance of the Assessment

   Please be reminded that pursuant to PDIC Regulatory Issuances No. 2002-04 and 2005-01, the deadline for submission of the Regular Certified Statement (RCS) with the required schedules and remittance of the assessment (based on the average balance of deposit liabilities as of 30 September and 31 December 2008) shall be on or before 31 January 2009. The semi-annual assessment shall be the product of the assessment base multiplied by ½ of 1/5 of 1%, but in no case shall the assessment be less than P5,000.00.

   Member banks may opt to remit payments: (1) directly to PDIC, (2) through Real Time Gross Settlement (RTGS), (3) through mail, or (4) through branches of the Land Bank of the Philippines (LBP), PDIC’s assessment collection agent.

   1. Payments to PDIC

      The assessment remittances can be paid either in cash, Metro Manila or any regional clearing check, manager’s/cashier’s check (except out-of-town checks), demand draft, or Philippine Postal Money Order (PPMO). Check payments shall be made payable to the Philippine Deposit Insurance Corporation (PDIC).

      Metro Manila-based banks paying directly to PDIC are enjoined to remit payments to the Financial Resource Management Department of the PDIC on or before 11 o’clock A.M. of 31 January 2009.

      The RCS, which must be prepared in quadruplicate and signed under oath by an authorized officer of the bank, shall be sent together with the required assessment remittance to the following address:

      The Financial Resource Management Department
      Philippine Deposit Insurance Corporation
      8th Floor, SSS Makati Building
      Ayala Avenue corner V. A. Rufino Street
      Makati City 1226
      
      

   2. Payments through Real Time Gross Settlement (RTGS)

      Member banks can now pay their assessment dues to PDIC through Real Time Gross Settlement (RTGS). Banks availing of this facility are encouraged to remit their payments before 12:00 noon of 31 January 2009. Please refer to the attached procedure.

   3. Payments through LBP

      The following LBP Branches shall accept assessment remittances either in the form of cash, manager’s/cashier’s checks (except out-of-town checks), local checks, on-us checks or through fund transfer via the online collection system:

      1. LBP, Pasong Tamo Branch located at the following address:

         G/F, King’s Court Building II
         #2129 Pasong Tamo cor. Dela Rosa Sts.
         Makati City

      2. Other LBP Servicing branches and offices which shall only accept payments of member banks located outside of Metro Manila area.

      Interest and penalties shall be imposed on banks that fail to file the RCS and/or remit the assessment on the abovementioned deadline, in addition to the remedies and sanctions under RA 3591, as amended.

2. Reportorial Requirements Under RI No. 2006-01 dated 15 August 2006

   Following the same deadline for the submission of the RCS, i.e., on or before 31 January 2009, all member banks are likewise reminded to submit to the PDIC, the following required documents pursuant to the PDIC Regulatory Issuance No. 2006-01 on Record Keeping of Bank Deposits, as mandated by Section 9(d)(1) of Republic Act No. 3591, as amended.

   2. Updates on Features of Computerized Deposit Database, if any, duly certified by bank’s President or Compliance Officer;

   3. Schedule of Deposit Products as of 31 December 2008, duly certified by bank’s President or Compliance Officer; and

   4. Notarized Bank Certification on compliance with existing standards on record keeping of bank deposits and provisions of the RI as of 31 December 2008, duly signed by the bank’s President or Compliance Officer.

   Required documents should be submitted in hardcopies and forwarded to:

   The Department Manager
   Insurance and Risk Assessment Data Department
   Philippine Deposit Insurance Corporation
   Ground Floor, PDIC Bldg.
   2228 Chino Roces Avenue
   1231 Makati City

   Willful refusal or failure to submit the required documents shall constitute a violation of Section 9(d)(1) of RA 3591, as amended, and shall make the President of the bank or its Compliance Officer criminally and/or administratively liable in accordance with Section 21 (f) and (g) thereof, as implemented by Regulatory Issuance No. 2005-03. Likewise, any willful making of false statement or entry in the required documents shall also make the responsible officer/s or employee/s of the bank criminally and/or administratively liable.

   Procedures under the Online Assessment Collection System (PDIC Bulletin No. 2007-20), PDIC assessment forms (RCS and supporting assessment schedules) and report forms on Record Keeping of Banks Deposits may be downloaded thru PDIC’s official website: www.pdic.gov.ph.

   For strict compliance.

16 December 2008

PROCEDURE ON ASSESSMENT REMITTANCES VIA REAL TIME GROSS SETTLEMENT (RTGS)

1. Assessment dues paid via RTGS shall be made to Land Bank of the Philippines for further credit to Philippine Deposit Insurance Corporation (PDIC) Account No. 1782-1000-56 with LBP Pasong Tamo Branch.

2. The remitting bank shall clearly indicate the following information in the corresponding Society for Worldwide Interbank Financial Telecommunication (SWIFT) instructions to Bangko Sentral ng Pilipinas (BSP):

   1. Amount of Assessment Paid

   2. SWIFT message, showing the purpose of remittance and/or the applicable base days, as follows:

      1. For payments of semestral assessment dues, it shall be stated as follows:

         “ASSMNT DUE (MJ /SD ) Year(yyyy) TO PDIC”
         (Example: ASSMNT DUE SD 2008 TO PDIC)

      2. For payments of assessment deficiencies, it shall be stated as follows:

         “ASSMNT DEF TO PDIC”

3. After payment of assessment due via RTGS, the remitting bank shall immediately send copy the SWIFT instructions through fax to any of the following:

   1. Financial Resource Management Department (FRMD) with fax no. (02) 841-4879; or

   2. Financial Resource Management Group (FRMG) with fax no. (02) 841-4828

4. The remitting bank shall immediately submit the Regular Certified Statement together with the required supporting schedules or a copy of billing letter (in the case of other remittances) and photocopy of the SWIFT instructions to the following address:

   The Department Manager
   Insurance and Risk Assessment Data Department
   Philippine Deposit Insurance Corporation
   2ND floor, PDIC Building
   2228 Chino Roces Avenue
   1231 Makati City

5. The Insurance and Risk Assessment Data Department shall acknowledge receipt of RCS and supporting schedules and shall send the PDIC Official receipt corresponding to the payment made to the remitting bank.