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PRESIDENTIAL DECREE NO. 1985
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PRESIDENTIAL DECREE NO. 1985 -
FURTHER AMENDING REPUBLIC ACT NO. 3591, AS AMENDED BY INCREASING THE
CAPITALIZATION (PERMANENT INSURANCE FUND) OF THE PHILIPPINE DEPOSIT
INSURANCE CORPORATION FROM TWENTY MILLION PESOS TO TWO BILLION PESOS,
AND APPROPRIATING FUND THEREFOR
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WHEREAS,
the present capitalization of the Philippine Deposit Insurance
Corporation (PDIC) of twenty million pesos (P20,000,000.00) is
inadequate considering the present deposit insurance coverage of
P40,000.00 per depositor;chanroblesvirtualawlibrary
WHEREAS, the deposit insurance scheme is part of the governmental
machinery in stabilizing the banking system; chanroblesvirtualawlibrary
WHEREAS, the trust and confidence of the people in banks will depend
largely on the capability of the Philippine Deposit Insurance
Corporation to insure the safety of deposits in banks; chanroblesvirtualawlibrary
WHEREAS, it is a recognized fact that efficient harnessing of savings
in banks would provide funds which could be channeled to the financing
of development programs of the country.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of
the Philippines, by virtue of the powers vested in me 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 10 (a-1) of the same Act is hereby
amended, to read as follows:cralaw:red
"(a-1) The permanent insurance fund hereinabove
created is hereby further increased to TWO BILLION PESOS
(P2,000,000,000.00) and for this purpose, such sum as may be necessary
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 2. This Decree shall take effect immediately.
DONE in the City of Manila,
this 4th day of October, in the year of Our Lord, nineteen hundred and
eighty-five.
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