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