Amending Republic Act Numbered Three Thousand Five Hundred Ninety-One, as Amended, Entitled "An Act Establishing The Philippine Deposit Insurance Corporation, Defining Its Powers and Duties
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Amending Republic Act Numbered Three Thousand Five Hundred Ninety-One, as Amended, Entitled "An Act Establishing The Philippine Deposit Insurance Corporation, Defining Its Powers and Duties
Presidential Decree No. 1451
June 11, 1978
Case Overview and Summary
Summary of Presidential Decree No. 1451Amending Republic Act No. 3591 on the Philippine Deposit Insurance Corporation
- Enhancing protection of deposits in banks to encourage accumulation of deposits and contribute to socio-economic progress (Preamble)
Definitions and Coverage:
• "Insured deposit" is the net amount due to any depositor, up to ₱15,000.00, determined by regulations of the Board of Directors. (Section 1)
• Trust funds held by an insured bank in a fiduciary capacity are insured up to ₱15,000.00 for each trust estate, separate from other deposits of the owners or beneficiaries. (Section 2)
Insurance Fund:
• A permanent insurance fund of ₱20,000,000.00 is created, with ₱15,000,000.00 appropriated from the General Fund. (Section 3)
• The maximum amount of insured deposit for any depositor is increased to ₱15,000.00. (Section 3)
Effective Date:
• The Decree takes effect immediately. (Section 4)
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deposit insurance
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Amending Republic Act Numbered Three Thousand Five Hundred Ninety-One, as Amended, Entitled "An Act Establishing The Philippine Deposit Insurance Corporation, Defining Its Powers and Duties
Presidential Decree No. 1451
•June 11, 1978
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1451
AMENDING REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED NINETY-ONE, AS AMENDED, ENTITLED "AN ACT ESTABLISHING THE PHILIPPINE DEPOSIT INSURANCE CORPORATION, DEFINING ITS POWERS AND DUTIES AND FOR OTHER PURPOSES"
WHEREAS, the deposit insurance scheme has been adopted to generate public faith and confidence in the banking system and the Philippine Deposit Insurance Corporation has been established to serve as the implementing agency of the Government;
WHEREAS, the Government is currently engaged in the institution of vital reforms in the banking system to enable it to play a more effective role in the socio-economic development of the country;
WHEREAS, as a means of encouraging the accumulation of more deposits in order to contribute to the socio-economic progress of the country, it is imperative that protection of deposits in banks be enhanced;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree the amendment of Republic Act No. 3591, as amended,...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
deposit insurance
insured deposits
trust funds
insurance fund
Philippine Deposit Insurance Corporation
banking system
socio-economic development
fiduciary capacity
trust estates
insured banks
deposit liability
permanent insurance fund
General Fund
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1451
AMENDING REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED NINETY-ONE, AS AMENDED, ENTITLED "AN ACT ESTABLISHING THE PHILIPPINE DEPOSIT INSURANCE CORPORATION, DEFINING ITS POWERS AND DUTIES AND FOR OTHER PURPOSES"
WHEREAS, the deposit insurance scheme has been adopted to generate public faith and confidence in the banking system and the Philippine Deposit Insurance Corporation has been established to serve as the implementing agency of the Government;
WHEREAS, the Government is currently engaged in the institution of vital reforms in the banking system to enable it to play a more effective role in the socio-economic development of the country;
WHEREAS, as a means of encouraging the accumulation of more deposits in order to contribute to the socio-economic progress of the country, it is imperative that protection of deposits in banks be enhanced;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree the amendment of Republic Act No. 3591, as amended,...
Login to see full content