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R.A No. 3591 PDIC (Philippine Deposit Insurance System) As Amended by RA 10846

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Patrick Bacongallo

The Philippine Deposit Insurance Corporation (PDIC) insures deposits of banks and is an attached agency of the Department of Finance. The amendment to PDIC's charter gives it more authority to help depositors access insured deposits more quickly if a bank closes, resolve troubled banks, speed up liquidating closed banks, and penalize unsafe banking practices more severely. Specifically, it allows PDIC to pay insured deposits without deducting loans and rely on deposit evidence rather than bank records alone when a bank closes. The changes also eliminate the 90-day receivership period and allow immediate liquidation, as well as help enhance recovery for closed bank creditors. PDIC insures various deposit types for both single and joint accounts up to the insurance limit

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R.A No. 3591 PDIC (Philippine Deposit Insurance System) As Amended by RA 10846

Uploaded by

Patrick Bacongallo
21 views1 page
The Philippine Deposit Insurance Corporation (PDIC) insures deposits of banks and is an attached agency of the Department of Finance. The amendment to PDIC's charter gives it more authority to help depositors access insured deposits more quickly if a bank closes, resolve troubled banks, speed up liquidating closed banks, and penalize unsafe banking practices more severely. Specifically, it allows PDIC to pay insured deposits without deducting loans and rely on deposit evidence rather than bank records alone when a bank closes. The changes also eliminate the 90-day receivership period and allow immediate liquidation, as well as help enhance recovery for closed bank creditors. PDIC insures various deposit types for both single and joint accounts up to the insurance limit

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The Philippine Deposit Insurance Corporation (PDIC) insures deposits of banks and is an attached agency of the Department of Finance. The amendment to PDIC's charter gives it more authority to help depositors access insured deposits more quickly if a bank closes, resolve troubled banks, speed up liquidating closed banks, and penalize unsafe banking practices more severely. Specifically, it allows PDIC to pay insured deposits without deducting loans and rely on deposit evidence rather than bank records alone when a bank closes. The changes also eliminate the 90-day receivership period and allow immediate liquidation, as well as help enhance recovery for closed bank creditors. PDIC insures various deposit types for both single and joint accounts up to the insurance limit

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
21 views1 page

R.A No. 3591 PDIC (Philippine Deposit Insurance System) As Amended by RA 10846

Uploaded by

Patrick Bacongallo
The Philippine Deposit Insurance Corporation (PDIC) insures deposits of banks and is an attached agency of the Department of Finance. The amendment to PDIC's charter gives it more authority to help depositors access insured deposits more quickly if a bank closes, resolve troubled banks, speed up liquidating closed banks, and penalize unsafe banking practices more severely. Specifically, it allows PDIC to pay insured deposits without deducting loans and rely on deposit evidence rather than bank records alone when a bank closes. The changes also eliminate the 90-day receivership period and allow immediate liquidation, as well as help enhance recovery for closed bank creditors. PDIC insures various deposit types for both single and joint accounts up to the insurance limit

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R.A No.

3591 PDIC (Philippine Deposit Insurance System) as amended by RA 10846


PDIC- is referred as to the Corporation which shall insure the deposits of all banks which are entitled to the benefits of
insurance. Is an attached agency of the Department of Finance.
 The PDIC now has the authority to help depositors have quicker access to their insured deposits should their bank
close, resolve problems banks while still open, hasten the liquidation process for closed banks and mete out stiffer
sanctions and penalties those who engaged in unsafe and unsound banking practices.
 Under this amendment, depositors would have quicker access to their insured deposits in the event of bank closure
since PDIC now has the authority to pay insured deposits without netting out depositors loan obligations with the
closed based on evidence of deposits and not on the closed banks records alone.
 The new law does away with the 90-days receivership period and allows PDIC to proceed directly to liquidation. The
immediate assignment of encumbered assets to closed bank creditors, adoption of purchase of assets and assumption
of liabilities as a mode of liquidation, and express prohibition on reopening of banks ordered closed by the Monetary
Board of the Bangko Sentral ng Pilipinas would help enhance recovery rate for creditors of closed banks.
Insurable Deposits under PDIC LAW
1. By D:eposit type:
a. Savings Deposit
b. Special Savings
c. Demand/Checking Account
d. Negotiable Order of Withdrawal
e. Certificate of Time Deposits
2. By Deposit Type:
a. Single Account – are individual-owned accounts or accounts held under one name, either as natural or
juridical entity.
b. Joint Accounts – are accounts held under more than one name.
a. A joint account is used shall be insured separately from single accounts.
b. Unless a different sharing is stipul

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