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Senate bill seeks to strengthen PDIC, enhance bank liquidation

Philippines | National

Senate bill seeks to strengthen PDIC, enhance bank liquidation

By Hannah L. Torregoza

At A Glance

Senate President Vicente "Tito" Sotto III has filed a bill seeking to amend Republic Act No. 3591 to strengthen the Philippine Deposit Insurance Corporation (PDIC) and enhance the country's framework for bank liquidation.

Senate President Vicente “Tito” Sotto III has filed a bill seeking to amend Republic Act No. 3591 to strengthen the Philippine Deposit Insurance Corporation (PDIC) and enhance the country’s framework for bank liquidation.

In filing Senate Bill No. 1667, Sotto said it is imperative to make the Philippine deposit insurance system more effective and responsive by reinforcing the PDIC’s independence, authority, and financial capability.

“The amendments will empower the PDIC to respond decisively to emerging risks and financial crises, while minimizing disruptions to the financial system,” Sotto said.

The bill primarily seeks to enhance deposit protection through expanded coverage and the implementation of differential insurance, extending deposit insurance to Non-Bank Financial Institutions (NBFI) and cooperative products deemed as deposits by the Bangko Sentral ng Pilipinas (BSP) and the Cooperative Development Authority (CDA).

Moreover, the bill also seeks to ensure the prompt release of deposit insurance claims so depositors can quickly access their savings if a bank shuts down.

The bill also authorizes the temporary grant of full deposit insurance coverage, or Temporary Blanket Coverage, upon determination by the Monetary Board when there is a threat to financial system stability.

Also, the proposed amendments to the PDIC law introduces an enhanced liquidation process to expedite the recovery of claims by creditors of closed banks, while further strengthening the PDIC as a financial safety net institution.

Related Tags

Philippine Deposit Insurance Corp. (PDIC) Tito Sotto Senate

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