THE SENATE late on Monday unanimously approved on third and final reading a bill on the revised charter of the Philippine Deposit Insurance Corp. (PDIC) that would increase coverage and the eligibility of institutions. READ:
nal reading a bill on the revised charter of the Philippine Deposit Insurance Corp. that would increase coverage andrmative votes, Senate Bill 2365 or an act amending sections 1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 18, 22, 24, 26, and 28 of Republic Act 3591 or the PDIC charter was passed on third andThe bill makes PDIC an attached agency of the Bangko Sentral ng Pilipinas rather than the Department of Finance.
The board may also raise the maximum amount of deposit insurance coverage to an amount indexed to inflation or in consideration of other economic indicators. They will review this every three years and increase as needed. The assessment of member banks will be determined by the board of directors provided that it will not exceed one-fth of 1% per annum.
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