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PDIC is a government-owned and controlled corporation created in 1963 by virtue of Republic Act
3591 for the purpose of insuring bank deposits. The latest amendments to RA 3591 are contained in RA
9302 enacted on July 27, 2004, which provided enhanced depositor protection through increased
deposit insurance coverage up to P250,000 and strengthened PDIC's risk management capabilities
through the restoration of PDIC's authority to examine member banks with prior approval by the Monetary
Board. The new law also enhanced PDIC's receivership and liquidation powers. The PDIC is an attached agency of the Department of Finance.
PURPOSE – to create a government-owned entity, the Philippine Deposit Insurance Corporation,
that shall insure the deposit liabilities of all banks entitled to the benefits of insurance under the
Act. Such insurance is intended to protect depositors from situations that prevent banks
from paying out deposits, as in bank failures or closures, and to encourage people to deposit in banks.
FUNCTIONS:
1. Can lend money to banks before closure.
2. Insurer of deposits against bank closures
3. Act as receiver for banks
3591 for the purpose of insuring bank deposits. The latest amendments to RA 3591 are contained in RA
9302 enacted on July 27, 2004, which provided enhanced depositor protection through increased
deposit insurance coverage up to P250,000 and strengthened PDIC's risk management capabilities
through the restoration of PDIC's authority to examine member banks with prior approval by the Monetary
Board. The new law also enhanced PDIC's receivership and liquidation powers. The PDIC is an attached agency of the Department of Finance.
PURPOSE – to create a government-owned entity, the Philippine Deposit Insurance Corporation,
that shall insure the deposit liabilities of all banks entitled to the benefits of insurance under the
Act. Such insurance is intended to protect depositors from situations that prevent banks
from paying out deposits, as in bank failures or closures, and to encourage people to deposit in banks.
FUNCTIONS:
1. Can lend money to banks before closure.
2. Insurer of deposits against bank closures
3. Act as receiver for banks
