What are the mandates and functions of Philippine deposit insurance Corporation RA 3591 as amended?
PDIC is a government instrumentality created in 1963 by virtue of Republic Act 3591 to insure the deposits of all banks. PDIC exists to protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability.
What is RA No 3591?
Republic Act No. 3591, as amended, created the Philippine Deposit Insurance Corporation (PDIC) in 1963 to insure deposits of all banks that are entitled to the benefits of insurance. The amended PDIC Charter is a means to promote and safeguard the interests of the depositing public.
Which is a correct statement of the policy of the state under the PDIC law?
Statement of State Policy and Objectives. – It is hereby declared to be the policy of the State to strengthen the mandatory deposit insurance coverage system to generate, preserve, maintain faith and confidence in the country’s banking system, and protect it from illegal schemes and machinations.
What is Republic Act No 1405 what and who is covered by the said law?
REPUBLIC ACT No. 1405. AN ACT PROHIBITING DISCLOSURE OF OR INQUIRY INTO, DEPOSITS WITH ANY BANKING INSTITUTION AND PROVIDING PENALTY THEREFOR.
Which account is not covered in the secrecy law?
Not covered by the bank secrecy law are investments which are not bank deposits or government securities such as corporate bonds, purchases of shares of stocks, purchases of receivables of business, and purchases of foreign exchange.
What is the law amending Republic Act number 7653?
7653, otherwise known as “The New Central Bank Act”, is hereby amended to read as follows: Creation of the Bangko Sentral. — There is hereby established an independent central monetary authority, which shall be a body corporate known as the Bangko Sentral ng Pilipinas, hereafter referred to as the Bangko Sentral.
What is the rule of PDIC?
PDIC shall pay deposit insurance on all valid deposits up to the Maximum Deposit Insurance Coverage of Php500,000, per depositor, of a closed bank. Accounts maintained in the same right and capacity for a depositor’s benefit, whether in his own name or in the name of others, are covered by deposit insurance.
Does Bir check bank accounts?
The BIR cannot inquire or look into your bank accounts unless and until you fall into these exceptions: You waived or permitted the BIR to look into your account. You are already dead. You are asking for a compromise on your the tax liabilities because financial incapability.
Is PDIC mandatory?
Membership with PDIC is mandatory for all banks licensed by the BSP to operate in the Philippines: Banks incorporated under Philippine laws, such as commercial banks, savings banks, mortgage banks, stock savings and loan associations, development banks, cooperative banks, and rural banks.
What was the Philippine Deposit Insurance Corporation Act?
Republic Act No. 3591, as amended AN ACT ESTABLISHING THE PHILIPPINE DEPOSIT INSURANCE CORPORATION, DEFINING ITS POWERS AND DUTIES AND FOR OTHER PURPOSES THE CREATION OF THE PHILIPPINE DEPOSIT INSURANCE CORPORATION SECTION 1. There is hereby created a Philippine Deposit Insurance Corporation hereinafter referred to as the “Corporation”
What was the Republic Act no.3591?
REPUBLIC ACT No. 3591 An Act Establishing the Philippine Deposit Insurance Corporation, Defining its Powers and Duties and for Other Purposes Be it enacted by the Senate and House of Representatives of the Philippine Congress Assembled: Section 1.
Who is the chairman of the Board of directors in the Philippines?
In the event of a vacancy in the Office of the Chairman of the Board of Directors and pending the appointment of his successor, the Governor of the Central Bank of the Philippines shall act as Chairman.