THE Philippine Deposit Insurance Corporation (PDIC) recently released regulations amending the Regulatory Issuance (RI) on the use of PDIC official signs in banks and their display requirements in bank premises.
This came following the launch of the new PDIC logo and the approval of the new official insurance statement, "Deposits are insured by PDIC up to P500,000 per depositor", to reinforce the state deposit insurer's public policy objectives of providing depositor protection and promoting financial stability.
The official insurance statement replaces the long-standing statement, "Member: PDIC. Maximum deposit insurance per depositor P500,000", and the short title, "Member: PDIC".
The amendments are contained in RI 2019-01 which prescribes the guidelines, procedures and standards on the use, display requirements, and procurement of the PDIC seal, official insurance statement and official signs, among others. RI 2019-01 took effect on November 15, 2019.
The RI states that the PDIC official signs in banks are the decal/sticker, desktop standee, and the electronic/digital image for automated teller machines (ATMs) issued by PDIC. These official signs bear the PDIC seal and the official PDIC insurance statement.
Under RI 2019-01, banks are required to prominently and continuously post the PDIC decal/sticker at the entrance of its head office, branches and branch-lite units; and the PDIC desktop standee at the bank's counter/s or window/s where deposits are received in the head office and branches/branch-lite units.
The regulation likewise authorizes the state deposit insurer to remove the PDIC seal, official insurance statement, and PDIC official signs in any display, sign, or exhibit of banks, to discontinue their use if these are found inconsistent with the policy objective of said RI, and to impose sanctions against an erring bank, and/or its officials and employees.
The bank and/or its directors, officers, employees or agents found in violation of the pertinent sections of the RI shall be subject to administrative fines, and may also be liable for civil and criminal actions as provided for in Republic Act No. 3591, as amended, or the PDIC Charter.
The PDIC started distributing to banks complimentary copies of the new decals and standees during the fourth quarter of the year.
The full text of RI 2019-01 is posted in PDIC website, www.pdic.gov.ph. (PR)