Amending Republic Act Numbered Three Thousand Five Hundred Ninety-One As Amended, Entitled "An Act Establishing The Philippine Deposit Insurance Corporation, Defining The Powers And Duties

Presidential Decrees

Presidential Decree No. 1897

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 1897

AMENDING REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED NINETY-ONE AS AMENDED, ENTITLED "AN ACT ESTABLISHING THE PHILIPPINE DEPOSIT INSURANCE CORPORATION, DEFINING THE POWERS AND DUTIES AND FOR OTHER PURPOSES"

WHEREAS, it is the declared policy of the State to encourage the accumulation of savings and deposits in banks in recognition of the immense contribution of these funds mobilized by banks in the socio-economic development of the country.

WHEREAS, the deposit insurance system was conceived to generate more faith and confidence in the banking system by providing immediate relief to bank depositors in the event of bank failures;

WHEREAS, under R.A. No. 3591 enacted in June 1963, the Philippine Deposit Insurance Corporation was established to administer an insurance system for bank deposits;

WHEREAS, under prevailing circumstances, there is a felt need to increase the insurance coverage from its present amount of P15,000.00 per depositor.

NOW, THEREFORE, I. FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers in me...