Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1094)
The main purpose of Presidential Decree No. 1094 is to amend certain provisions of Republic Act No. 3591 as amended, which establishes the Philippine Deposit Insurance Corporation, defining its powers and duties.
The Board of Directors of the Philippine Deposit Insurance Corporation consists of three (3) members.
One mandatory member of the Board of Directors is the Governor of the Central Bank of the Republic of the Philippines.
The Chairman of the Board of Directors is one of the appointive members, appointed by the President of the Philippines with the consent of the Commission on Appointments, on a full-time basis for a term of six (6) years.
The annual compensation of the Chairman of the Board of Directors is fifty thousand (P50,000.00) pesos per annum until amended by law.
Each appointive member and the Governor of the Central Bank receive a per diem of not exceeding two hundred fifty pesos (P250.00) per day of meeting actually attended, but in no case shall they receive more than one thousand pesos (P1,000.00) a month.
In the event of a vacancy in the office of the Governor of the Central Bank or during his absence, the Acting Governor of the Central Bank shall act as a member of the Board of Directors.
The Governor of the Central Bank of the Philippines shall act as Chairman in the event of a vacancy in the Office of the Chairman of the Board of Directors pending the appointment of a successor.
Members of the Board are ineligible during their term and for a period of two years thereafter to hold office or employment in any insured bank, except for those who have served their full term.
No, a member of the Board of Directors cannot be an officer or director of any insured bank, and must certify under oath compliance with this requirement before entering office.
Vacancies caused by death, resignation, or removal shall be filled by appointment of a new member to complete the unexpired term.
Presidential Decree No. 1094 took effect immediately upon its signing on February 18, 1977.
All laws, decrees, orders, rules, and regulations inconsistent with PD No. 1094 are repealed or amended accordingly.