President Aquino signs law enhancing depositor protection
MANILA, May 25 — President Benigno S. Aquino III has signed Republic Act No. 10846 amending the charter of the Philippine Deposit Insurance Corporation (PDIC) or the deposit insurance law. MB file photo The depositing public, consisting of approximately 50 million deposit account holders as of December 2015, stands to benefit from the amendments which further enhanced PDIC’s authority to provide depositor protection. The law also gives PDIC fiscal and administrative autonomy and authority to resolve problem banks while still open. It will take effect 15 days following the publication in the Official Gazette or in two newspapers of general circulation. R.A. No. 10846 is a product of the painstaking work undertaken by the authors in both Houses of Congress – Senator Sergio R. Osmeña III, as Chairman of the Senate Committee on Banks, Financial Institutions and Currencies, and by Rep. Nelson P. Collantes, Chairman of the Committee on [...]