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INSURANCE CORPORATION
What is the Philippine Deposit Insurance
Corporation (PDIC)?
• PDIC is a government instrumentality created in 1963 by virtue of
Republic Act 3591 to insure the deposits of all banks which are
entitled to the benefits of insurance. The latest amendments to RA
3591 are contained in RA 10846 signed into law on May 23, 2016. RA
10846 empowered PDIC with stronger authorities to protect the
depositing public and promote financial stability.
• The new law also includes important provisions to ensure that the
PDIC remains financially and institutionally strong to fulfill its
mandate under its Charter.
• The PDIC now has the authority to help depositors have quicker access
to their insured deposits should their bank close; resolve problem
banks while still open; hasten the liquidation process for closed banks;
and mete out stiffer sanctions and penalties against those who engage
in unsafe and unsound banking practices.
• Depositors who failed to file their claims during the onsite CSO may
do so through any of these options:
• Personal filing at the PDIC Public Assistance Center located at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V. A. Rufino Street,
Makati City, 8:00 AM to 5:00 PM, Monday to Friday, except
holidays
• When filing through mail, please download the PDIC Claim Form.
(please click to download the Claim Form,) The claim form needs to
be accomplished, signed, and notarized. Depositors must ensure that
the signature on the Claim Form is similar with the signature in the
bank records and the valid IDs submitted.
Composition of the Board
• The Secretary of Finance who shall be the ex-officio Chairperson of
the Board without compensation.
• The Governor of the Bangko Sentral ng Pilipinas (BSP) who shall be
ex-officio member of the Board without compensation.
• The President of the Corporation, who shall be appointed by the
President of the Philippines from a shortlist prepared by the
Governance Commission for Government-Owned or -Controlled
Corporations
• pursuant to Republic Act No. 10149 to serve on a full-time basis for a
term of six (6) years. The President of the Corporation shall also serve
as Vice Chairman of the Board.
• Four (4) members from the private sector to be appointed for a term
of six (6) years by the President of the Philippines from a shortlist
prepared by the Governance Commission for Government-Owned or -
Controlled Corporations
Qualifications of the Board
• No person shall be appointed as member of the Board unless he or
she be of good moral character, of unquestionable integrity and
responsibility, of known probity and patriotism, and who is of
recognized competence in economics, banking and finance, law,
management administration or insurance, and shall be at least thirty-
five (35) years of age.
• For the duration of their tenure or term of office and for a period of
one (1) year thereafter, the appointive members of the Board shall be
disqualified from holding any office, position or employment in any
insured bank.
• The following are the composition of the Board of
Directors of the Philippine Deposit Insurance Corporation (
PDIC), except:
A. Secretary of Finance
B. Governor of the BSP
C. President of the PDIC, who shall be appointed by the
President of the Philippines
D. Four (4) members from the private sectors to be
appointed by the President of the PDIC
• The following are the qualification of the Board of Directors
of the PDIC, except:
• A. Good moral character
• B. Unquestionable integrity and responsibility
• C. Recognized Competence in Economics, banking and
finance, law, management administration or insurance
• D. At least forty-five (45) years old
• One of the following is not a function of the PDIC:
• A. Insurance
• B. Bank Examination
• C. Corporate Rehabilitation
• D. Receivership of closed banks
• I. The Philippine Insurance Deposit Corporation ( PDIC)
shall insure the deposits of all banks
• II. The PDIC shall promote and safeguard the interest of the
depositing public by providing insurance coverage on all
insured deposits and helping maintain a sound and stable
banking system
•
• A. Only I is true
• B. Only II is true
• C. Both are true
• D. Both are false
• The possibility that failure of one bank to settle net
transactions with other bank will trigger a chain reaction,
depriving other banks of funds leading to a general
shutdown of normal clearing and settlement activity:
• A. General Risk
• B. Systemic Risk
• C. Universal Risk
• D. Chain-reaction risk