On May 23, 2016, Republic Act No. 10846, AN ACT ENHANCING THE RESOLUTION AND LIQUIDATION FRAMEWORK FOR BANKS, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 3591, AS AMENDED, AND OTHER RELATED LAWS, was signed into law by President Benigno Aquino III. The law takes effect on Saturday, June 11, 2016.

R.A. No. 10846 granted PDIC enhanced authorities to enable it to more effectively perform its mandates of protecting the depositing public and promoting financial stability. The new Charter aims to minimize disruption in the financial system, further enhance depositor protection, and promote financial inclusion by allowing continued access to banking services.

The PDIC will issue Regulatory Issuances to implement relevant provisions of R.A. 10846. Member-banks' comments, suggestions and feedback shall be solicited before these Regulatory Issuances are finalized.

The complete and downloadable text of R.A. No. 10846 is available at the PDIC website, http://www.pdic.gov.ph/index.php?nid1=10&nid2=7.

For your information and appropriate action.