Question & AnswerQ&A (PDIC REGULATORY ISSUANCE NO. 92-3)
Banks, commercial banks, savings banks, mortgage banks, rural banks, development banks, cooperative banks, stock savings and loan associations, and branches and agencies in the Philippines of foreign banks and all other corporations authorized to perform banking functions in the Philippines.
A receiver includes any person or agency charged by law to take charge of the assets and liabilities of a bank forbidden from doing business, to gather, preserve, and administer its assets and liabilities for depositors and creditors, continue liquidation when authorized, dispose of assets, and wind up bank affairs.
Insured Deposit means the net amount due to any depositor for deposits in an insured bank after deducting offsets and excluding any amount in excess of P100,000. This includes all deposits maintained in the same capacity and right for the depositor’s benefit, whether in their own name or another’s. Owners of negotiable certificates of deposit are recognized only if registered as owners in the bank's books.
The assessment rate shall not exceed one-fifth (1/5) of one percent per annum on the bank’s assessment base.
The assessment base is the amount of the bank's deposit liabilities as defined in Section 3(l) of R.A. 3591 and Section 1.01(e) of the rules, without deduction for depositor indebtedness. It includes deposits in foreign currencies converted to pesos at the interbank rate on base days.
Semi-annual assessments must be paid to the PDIC at the time of filing the certified statement, and in the manner prescribed by the PDIC Board of Directors.
Banks must file PDIC Form No. 202 (First Certified Statement) upon expiration of the first semi-annual insured period and PDIC Form No. 201 (Regular Certified Statement) on or before January 31 and July 31 of each year for ongoing insured status. The forms must detail deposit liabilities and be signed under oath by authorized officers.
PDIC shall pay amounts not exceeding P100,000.00 per depositor based on the net amount due after offsets, aggregating all deposits of the depositor in the same capacity and right.
The PDIC Board may terminate the insured status of the bank. This termination is final and executory unless modified or set aside by the Board. Notices must be sent to the bank and depositors, with publication in newspapers, and deposit insurance coverage on deposits continues for 90 days after such termination.
PDIC is subrogated to all rights of the depositor against the bank to the extent of payment, including rights to dividends and recoveries on stockholders’ liabilities, while the depositor retains claims for uninsured deposit portions. Payments by PDIC have preferred creditor status under Article 2244 of the New Civil Code.
Insurance coverage continues for 90 days from the date of the first publication of the order of termination, covering deposits as of termination date less withdrawals. No new deposits or additions after termination date are insured.
PDIC may avail of legal remedies and impose penalties as provided under sections 6(f) and (h); 9(c); 16(a), (b), (e), (f), and (g); and section 17 of R.A. 3591, as amended, and other remedies under existing laws.