A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 1897
PRESIDENTIAL DECREE NO. 1897 -
AMENDING REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED NINETY-ONE
AS AMENDED, ENTITLED "AN ACT ESTABLISHING THE PHILIPPINE DEPOSIT
INSURANCE CORPORATION, DEFINING THE POWERS AND DUTIES AND FOR OTHER
PURPOSES"
|
chanroblesvirtualawlibrary
WHEREAS, it
is the declared policy of the State to encourage the accumulation of
savings and deposits in banks in recognition of the immense
contribution of these funds mobilized by banks in the socio-economic
development of the country. chanroblesvirtualawlibrary
WHEREAS, the deposit insurance system was conceived to generate more
faith and confidence in the banking system by providing immediate
relief to bank depositors in the event of bank failures;chanroblesvirtualawlibrary
WHEREAS, under R.A. No. 3591 enacted in June 1963, the Philippine
Deposit Insurance Corporation was established to administer an
insurance system for bank deposits;chanroblesvirtualawlibrary
WHEREAS, under prevailing circumstances, there is a felt need to
increase the insurance coverage from its present amount of P15,000.00
per depositor.
NOW, THEREFORE, I. FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers in me vested by the
Constitution, do hereby order and decree the further 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 forty
thousand pesos (P40,000.00). Such net amount shall be determined
according to such regulations as the Board of Directors may prescribe
and in determining such 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 P40,000.00 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-1) of the same Act is
hereby amended to read as follows:cralaw:red
"Sec. 10(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 forty
thousand pesos (P40,000.00)."
Section 4. This Decree shall take effect
immediately. chanroblesvirtualawlibrary
Done in the City of Manila,
this 11th day of January, in the year of Our Lord, nineteen hundred and
eighty-four.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|