PHILIPPINE DEPOSIT

INSURANCE
CORPORATION
What is the Philippine Deposit Insurance
Corporation (PDIC)?
• PDIC is a government instrumentality created in 1963 by virtue of
Republic Act 3591 to insure the deposits of all banks which are
entitled to the benefits of insurance. The latest amendments to RA
3591 are contained in RA 10846 signed into law on May 23, 2016. RA
10846 empowered PDIC with stronger authorities to protect the
depositing public and promote financial stability.

• The new law also includes important provisions to ensure that the
PDIC remains financially and institutionally strong to fulfill its mandate
under its Charter.
• The PDIC now has the authority to help depositors have quicker access
to their insured deposits should their bank close; resolve problem
banks while still open; hasten the liquidation process for closed banks;
and mete out stiffer sanctions and penalties against those who engage
in unsafe and unsound banking practices.

• The PDIC is an attached agency of the Department of Finance

What is PDIC’s overall mandate?
• PDIC exists to provide deposit insurance coverage for the depositing
public to help promote public confidence and stability in the
economy. It ensures prompt payment of insured deposits, exercises
complementary supervision of banks, adopts responsive resolution
methods, and applies efficient management of receivership and
liquidation functions.
What are the functions of PDIC?
• Insurance
• Assessment
• Bank Examination
• Bank Rehabilitation
• Receivership of Closed Banks; and
• Liquidation of Closed Banks
What is PDIC’s maximum deposit insurance
coverage?
• Effective June 1, 2009, the maximum deposit insurance coverage is
P500,000 per depositor. All deposit accounts by a depositor in a
closed bank maintained in the same right and capacity shall be added
together.
• Under R.A. No. 9576, the PDIC may propose to adjust the MDIC,
subject to the approval of the President of the Philippines, in case of a
condition that threatens the monetary and financial stability of the
banking system that may have systemic consequences.
What is an insured deposit?
• The term ‘insured deposit’ means the amount due to any bona fide
depositor for legitimate deposits in an insured bank net of any
obligation of the depositor to the insured bank as of date of closure,
but not to exceed P500,000.00.

• A joint account shall be insured separately from any individually-

owned deposit account.
• R.A. No. 9576 stipulates that PDIC will not pay deposit insurance for
the following accounts or transactions:
• Investment products such as bonds, securities and trust accounts;
• Deposit accounts which are unfunded, fictitious or fraudulent;
• Deposit products constituting or emanating from unsafe and unsound
banking practices;
• Deposits that are determined to be proceeds of an unlawful activity
as defined under the Anti-Money Laundering Law.
Are deposits maintained in branches and subsidiaries
of foreign banks operating in the Philippines insured
by the PDIC
• Yes, the PDIC Charter provides that the deposits in branches and
subsidiaries of foreign banks licensed by the Bangko Sentral ng
Pilipinas (BSP) to perform banking functions in the Philippines are
insured by the PDIC.
Are deposits maintained in Philippine banks with
branches outside the Philippines insured by the
PDIC?
• The PDIC Charter provides that a Philippine bank may elect to insure
with the PDIC its deposits in branches outside the Philippines. As of
31 December 2012, no Philippine bank has elected to insure deposits
in their foreign branches with PDIC.

• To verify if your deposits in a branch of a Philippine bank outside the

Philippines are covered by deposit insurance in the host foreign
country, please inquire with the account officer of your branch.
Can PDIC insurance coverage be increased by having
several accounts in the same name in an insured
bank?
• No. Deposit insurance coverage is not determined on a per-account
basis. The type of account (whether checking, savings, time or other
form of deposit) has no bearing on the amount of insurance coverage.
If I have deposits in several different insured banks,
will my deposits be added together for insurance
purposes?
• No. Deposits in different banking institutions are insured separately.
However, if a bank has one or more branches, the main office and all
branch offices are considered as one bank. Thus, if you have deposits
at the main office and at one or more branch offices of the same
bank, the deposits are added together when determining deposit
insurance coverage, the total of which shall not exceed P500,000.
REQUIREMENTS OF CLAIMS
• DEPOSITORS NOT REQUIRED TO FILE DEPOSIT INSURANCE CLAIMS
• Depositors with valid deposit accounts with balances of P100,000.00
and below are not required to file claims, provided they: (1) have no
obligations with the closed bank, or have not acted as co-makers of
these obligations, or are not spouses of the borrowers; (2) have
complete mailing address found in the bank records or have updated
their addresses through the Mailing Address Update Form (MAUF) of
PDIC before the start of the onsite claims settlement operation; and (3)
have not maintained the account under the name of business entities

• Postal Money Orders are sent to these depositors at their respective

mailing addresses found in the bank records
. WHEN ARE CLAIMS FILED?
• Claims are filed during the onsite Claims Settlement Operations (CSO)
period, as announced in the Notice to Depositors published in
national or local newspapers, or posted in the bank premises and
conspicuous places within the locality, and in the PDIC website.

• Depositors who failed to file their claims during the onsite CSO may
do so through any of these options:
• Personal filing at the PDIC Public Assistance Center located at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V. A. Rufino Street,
Makati City, 8:00 AM to 5:00 PM, Monday to Friday, except holidays

• Filing through mail by sending a duly accomplished and notarized

Claim Form and requirements to: 

• The Public Assistance Department

Philippine Deposit Insurance Corporation
6/Floor SSS Building, 6782 Ayala Avenue corner
V.A. Rufino Street, 1226 Makati City 
• Depositors have two (2) years from PDIC’s takeover of the closed bank
to file their deposit insurance claims. After the two-year period, the
depositor’s right to claim for deposit insurance is barred pursuant to
Section 21(e) of R.A. 3591, as amended. 
WHO ARE REQUIRED TO FILE DEPOSIT
INSURANCE CLAIMS?
• Depositors:
• With valid deposit accounts with balances of more than P100,000.00; 
• With outstanding obligations with the closed bank either as borrower,
co-maker, or as spouse of borrower
• With incomplete mailing address found in the bank records, or failed to
update them through the MAUF issued by the PDIC;
• With accounts maintained under the name of business entities;
• With accounts not eligible for early payment, regardless of type of
account and account balance per advice of PDIC; and 
• Who are deceased whose filing of claim is thru the legal heirs. 
WHAT ARE THE REQUIREMENTS IN FILING CLAIMS?
• ORIGINAL EVIDENCE OF DEPOSITS such as savings passbook,
certificate of time deposit, bank statement, used or unused checks, or
ATM card. 

• ONE (1) VALID ORIGINAL PHOTO-BEARING IDENTIFICATION

DOCUMENT (ID) with clear signature of depositor/claimant (e.g.
Driver’s License, SSS/GSIS ID, Senior Citizen’s ID, Passport, PRC ID,
OWWA/OFW ID, Seaman’s ID, Alien Certificate of Registration ID,
Voter’s ID). (IT IS RECOMMENDED TO BRING AT LEAST TWO (2) VALID
IDs IN CASE OF DISCREPANCIES IN SIGNATURE). 
• For depositors below eighteen (18) years old, photocopy of birth
certificate from the Philippine Statistics Authority (PSA) or a duly
certified copy issued by the local civil registrar, and valid ID of the
parent. 

• Original copy of a notarized Special Power of Attorney (SPA) for

claimants who are not the signatories in the bank records. In the case
of minor depositor, the SPA must be executed by the parent.
Claim Form:
• When filing claim during the onsite CSO period, or during personal
filing at the PDIC PAC, a system generated Claim Form shall be printed
by PDIC representative after interview/processing.

• When filing through mail, please download the PDIC Claim Form. (
please click to download the Claim Form,) The claim form needs to be
accomplished, signed, and notarized. Depositors must ensure that the
signature on the Claim Form is similar with the signature in the bank
records and the valid IDs submitted.
Composition of the Board
• The Secretary of Finance who shall be the ex-officio Chairperson of
the Board without compensation.
• The Governor of the Bangko Sentral ng Pilipinas (BSP) who shall be ex-
officio member of the Board without compensation.
• The President of the Corporation, who shall be appointed by the
President of the Philippines from a shortlist prepared by the
Governance Commission for Government-Owned or -Controlled
Corporations
• pursuant to Republic Act No. 10149 to serve on a full-time basis for a
term of six (6) years. The President of the Corporation shall also serve
as Vice Chairman of the Board.

• Four (4) members from the private sector to be appointed for a term
of six (6) years by the President of the Philippines from a shortlist
prepared by the Governance Commission for Government-Owned or
-Controlled Corporations
Qualifications of the Board
• No person shall be appointed as member of the Board unless he or
she be of good moral character, of unquestionable integrity and
responsibility, of known probity and patriotism, and who is of
recognized competence in economics, banking and finance, law,
management administration or insurance, and shall be at least thirty-
five (35) years of age.

• For the duration of their tenure or term of office and for a period of
one (1) year thereafter, the appointive members of the Board shall be
disqualified from holding any office, position or employment in any
insured bank.