Tuesday, 28 April 2009

President Arroyo sign bill doubling 250,000-peso insurance coverage of bank deposits


Manila (PND) - President Gloria Macapagal-Arroyo is scheduled to sign on Wednesday (April 29) the amendments to Republic Act (RA) No. 3591 increasing the insurance coverage by the Philippine Deposit Insurance Corp. (PDIC) of bank deposits by 100 percent, from P250,000 to P.5-million.

Amendments to the PDIC charter form part of the financial reforms designed to bolster the protection of bank deposits, enhance confidence in, and contribute to a stronger banking system.

In October last year, the President approved her Cabinet’s proposal to increase the deposit insurance coverage of bank deposits to increase depositors’ protection and enhance confidence in the banking system amid the global financial meltdown.

The President is scheduled to approve the PDIC charter amendments on the sidelines of the Philippine Economic Zone Authority (PEZA) Investors’ Recognition Night at the World Trade Center (WTC) in Pasay City on Wednesday.

Among those expected to witness the simple signing ceremony are Finance Secretary Margarito Teves, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr., Trade Secretary Peter Favila, PDIC president Jose C. Nograles and the principal sponsors of the amendments, namely, Senators Edgardo Angara and Manila Rep. Jaime Lopez.

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