Camsdcute’s Lair

The Republic Act that increases the maximum deposit coverage of PDIC has been approved last April 29, 2009 and published on May 17, 2009 on Philippine Star and Philippine Daily Inquirer. The date of effectivity for this act is on June 1, 2009.

Republic Act (RA) No. 9576 is an Act increasing the Maximum Deposit Coverage, and in connection therewith, to strengthen the regulatory and administrative authority, and financial capability of the Philippine Deposit Insurance Corporation (PDIC), amending for this purpose Republic Act No. 3591, as amended, otherwise known as the PDIC Charter.

This is good news to depositors as it will boost their confidence on banks. Given that the deposits are insured at a certain amount, bank savers can look into free insurance quotes for other types of coverage.

Click to download a copy of the Act.

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