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Presidential Decree No. 1985

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PRESIDENTIAL DECREES





PRESIDENTIAL DECREE NO. 1985

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


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;

WHEREAS, the deposit insurance scheme is part of the governmental machinery in stabilizing the banking system;

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;

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:

Section 1. Section 10 (a-1) of the same Act is hereby amended, to read as follows:

"(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)."

Sec. 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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