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Republic of the Philippines Congress of the Philippines Metro Manila (REPUBLIC ACT NO.

3591, as amended) AN ACT ESTABLISHING THE PHILIPPINE DEPOSIT INSURANCE CORPORATION, DE INING ITS PO!ERS AND DUTIES AND OR OTHER PURPOSES

Section 1. Section 2. Section #. Section &. Section '. Section ). Section +. Section -. Section ./12. Section 1#. Section 1&/1). Section 1+ a/c. Section 1+ d. Section 1-. Section 1.. Section 22. Section 21. Section 2). Section 2+. Section 2-.

The Creation of the Philippine Deposit Insurance Corporation Board of Directors: Co position and !uthorit" President of the Corporation$ Co pensation$ Po%ers and Duties Definition of Ter s Deposit Insurance Co(erage !ssess ent of Me ber Ban*s Sanctions !gainst ,nsafe and ,nsound Ban*ing Practices Po%ers as a Corporate Bod" Po%ers and Responsibilities and Prohibitions Per anent Insurance 0und Pa" ent of Insured Deposits Corporate 0unds 0inancial !ssistance !uthorit" to Borro% Issuance of Bonds$ Debentures$ and 1ther 1bligations Reports Sanctions and Penalties Separabilit" Clause Repealing Clause 3ffecti(it" Clause

THE CREATION O THE PHILIPPINE DEPOSIT INSURANCE CORPORATION SECTION 1. There is hereb" created a Philippine Deposit Insurance Corporation hereinafter referred to as the 4Corporation5 %hich shall insure$ as herein pro(ided$ the deposits of all ban*s %hich are entitled to the benefits of insurance under this !ct$ and %hich shall ha(e the po%ers hereinafter granted. The Corporation shall$ as a basic polic"$ pro ote and safeguard the interests of the depositing public b" %a" of pro(iding per anent and continuing insurance co(erage on all insured deposits.1

BOARD O DIRECTORS" CO#POSITION AND AUTHORIT$