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PRESIDENTIAL DECREE NO. 1451
PRESIDENTIAL DECREE NO. 1451 -
AMENDING REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED NINETY-ONE,
AS AMENDED, ENTITLED "AN ACT ESTABLISHING THE PHILIPPINE DEPOSIT
INSURANCE CORPORATION, DEFINING ITS POWERS AND DUTIES AND FOR OTHER
PURPOSES"
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WHEREAS,
the deposit insurance scheme has been adopted to generate public faith
and confidence in the banking system and the Philippine Deposit
Insurance Corporation has been established to serve as the implementing
agency of the Government; chanroblesvirtualawlibrary
WHEREAS, the Government is currently engaged in the institution of
vital reforms in the banking system to enable it to play a more
effective role in the socio-economic development of the country; chanroblesvirtualawlibrary
WHEREAS, as a means of encouraging the accumulation of more deposits in
order to contribute to the socio-economic progress of the country, it
is imperative that protection of deposits in banks be enhanced;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested by the Constitution, do hereby
order and decree the amendment of Republic Act No. 3591, as amended, as
follows:cralaw:red
Section 1. Section three (g) of Republic Act Numbered
Three Thousand Five Hundred Ninety-One, as amended, is hereby amended
to read as follows:cralaw:red
"Sec. 3. (g) The term "insured deposit" means the net
amount due to any depositor for deposits in an insured bank (after
deducting offsets) less any part thereof which is in excess of
(P15,000.00. Such net amount shall be determined according to such
regulations as the Board of Directors may prescribe and in determining
the amount due to any depositor there shall be added together all
deposits in the bank maintained in the same capacity and the same right
for his benefit either in his own name or in the name of
others."
Section 2. Section six (i) of the same Act is hereby
amended to read as follows:cralaw:red
"Sec. 6. (i) Trust funds held by an insured bank in a
fiduciary capacity whether held in trust or deposited in any other
department or in another bank shall be insured like other forms of
deposits, in an amount not to exceed (P15,000.00 for each trust estate,
and when deposited by the fiduciary bank in another bank such trust
funds shall be similarly insured to the fiduciary bank according to the
trust estates represented. Notwithstanding any other provision of this
Act, such insurance shall be separate from and additional to that
covering other deposits of the owners of such trust funds or the
beneficiaries of such trust estates: Provided, That where the fiduciary
bank deposits any of such trust funds in other insured banks, the
amount so held by other insured banks on deposit shall not for the
purpose of any certified statement required under subsections (b) and
(c) of this section be considered to be a deposit liability of the
fiduciary bank, but shall be considered to be a deposit liability of
the bank in which such funds are so deposited by such fiduciary bank.
The Board of Directors shall have the power by regulation to prescribe
the manner of reporting and of depositing such trust funds."
Section 3. Section ten (a) and (a-1) of the same Act
is hereby amended by deleting and adding the following provisions to
read as follows: chanroblesvirtualawlibrary
"Sec. 10(a) A permanent insurance fund in the amount
of P5,000,000 to be appropriated from the General Fund, is hereby
created to be used by the Corporation to carry out the purposes of this
Act.
(a-1) The permanent insurance fund hereinabove
created is hereby increased to twenty million pesos and for this
purpose, the amount of fifteen million pesos is hereby appropriated
from the General Fund: Provided, That the maximum amount of the insured
deposit of any depositor is hereby increased to P15,000.00."
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 11th day of June, in the year of Our Lord, nineteen hundred and
seventy-eight.
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