Understanding Deposit Insurance

PDIC Depositor Awareness Program for Overseas Filipino Workers Understanding Deposit Insurance Ms. Maria Leonida Fres-Felix Vice President Communication and Stakeholder Relations Group Philippine Deposit Insurance Corporation

“ A good provider is one who leaves…” New York Times Magazine April 22, 2007

Some OFW deployment statistical data ,[object Object],[object Object]

Economic impact of Philippine labor exports ,[object Object],[object Object],[object Object]

Remittance allocation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Remittance flow ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Remittance channels 69% of the respondents in the nationwide NSO Survey on Overseas Filipinos in 2005 regularly send remittances through banks or other regulated channels. Mode % of Total Cash 92 Formal (banks & non-banks) 69 Informal channels 23 Non-cash 8 Source: 2005 NSO Survey on Overseas Filipinos

Gov’t agencies concerned with OFWs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Corporate profile Philippine Deposit Insurance Corporation ,[object Object],[object Object]

To protect depositors and help strengthen public confidence in the stability of the banking system. Corporate mandate

1963 - P 10,000 1978 - 15,000 1984 - 40,000 1992 - 100,000 2004 - 250,000 MDIC increases

PDIC Profile Other DIs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],PDIC member banks PDIC has 862 member banks. As of December 2006: Deposit Insurer No. of Employees Functions Member Institutions Total Insured Deposits/ or Total # Insured Accounts Total Assets of Banks PDIC 559 (as of September 30, 2006) Deposit insurance premium collection; failure resolution through extending of loans, purchase of assets, assumption of liabilities, or putting deposits in the bank; mandatory receiver of closed banks; liquidation of closed bank’s assets; settlement of deposit insurance claims 871 (as of June 2006) 29,090,705/ 3,212,090 P4517.98B

[object Object],[object Object],Upper Row, from left to right: PDIC President and CEO Ricardo M. Tan (Vice-Chairman); Finance Secretary Margarito B. Teves (Chairman); BSP Governor Amando M. Tetangco, Jr. (Director); Lower Row, from left to right: BSP Deputy Governor Nestor A. Espenilla, Jr. (Alternate Director); Director Carmen De Venecia-Lim; Director Ruben D. Almendras; and Finance Undersecretary Gabriel R. Singson, Jr. Acting President Michael A. Osmeña Corporate profile

PDIC Profile Other DIs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Functions Deposit Insurer No. of Employees Functions Member Institutions Total Insured Deposits/ or Total # Insured Accounts Total Assets of Banks PDIC 559 (as of September 30, 2006) Deposit insurance premium collection; failure resolution through extending of loans, purchase of assets, assumption of liabilities, or putting deposits in the bank; mandatory receiver of closed banks; liquidation of closed bank’s assets; settlement of deposit insurance claims 871 (as of June 2006) 29,090,705/ 3,212,090 P4517.98B

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Functions ,[object Object],[object Object],Insured deposit means the amount due to any depositor net of any obligation of the depositor to the bank as of date of closure.

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NOTE: PDIC has to determine that the costs of actual payout and liquidation of the banks in danger of closing will be more expensive than the grant of financial assistance. Functions ,[object Object],[object Object],[object Object],[object Object]

Functions ,[object Object],[object Object],[object Object],[object Object]

Functions ,[object Object],[object Object],The revised PDIC CHARTER authorizes the Corporation to investigate banks for suspected anomalous and fraudulent actions detrimental to the depositing public.

MDIC under Section 4(g) of RA 9302 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Claims settlement ,[object Object],[object Object],[object Object],[object Object],[object Object]

The computation will be as follows: Claims settlement * Excess after consolidating Jose’s shares in the three joint accounts under his name.

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Depositor Protection ,[object Object],[object Object],[object Object],[object Object]

Depositor Protection ,[object Object],[object Object],[object Object]

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Information and education activities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Information and education activities ,[object Object]

“ The depositor’s vigilance in trying to get as much information about his bank and the banking industry is still the best protection against loss of his deposit.” Vigilance is the best defense.

Understanding Deposit Insurance

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Understanding Deposit Insurance