Legislative History
| House Bill/Resolution NO. HB08445 |
| FULL TITLE : AN ACT AMENDING SECTIONS 1, 3, 4, 5, 6, 8, 9, 10, 11, 18, 22, 24, 26 and 28 OF REPUBLIC ACT NO. 3591, AS AMENDED, OTHERWISE KNOWN AS THE PHILIPPINE DEPOSIT INSURANCE CORPORATION CHARTER AND FOR OTHER PURPOSES |
| ABSTRACT : Proposes to centralize with the BSP, the PDIC power on bank resolution that include the grant of consent to mergers and acquisitions and the issuance of cease-and-desist orders about deposit-related unsafe and/or unsound banking.Seeks to authorize the Board of Directors to increase the maximum deposit insurance coverage when financial stability is at stake, based on empirical and actuarial studies, inflation, or other economic indicators.Intends to authorize PDIC to set up deposit insurance schemes to protect users of new financial products and depositors in Islamic banks.Proposes to ensure better policy and program coordination between agencies by attaching the PDIC to the BSP (from the DOF). |
| PRINCIPAL AUTHOR/S : CUA, JUNIE E. |
| DATE FILED : 2021-01-21 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Romualdo (000 2021-02-11) |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: HB08818 |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2021-01-25 |
Abstract
Proposes to centralize with the BSP, the PDIC power on bank resolution that include the grant of consent to mergers and acquisitions and the issuance of cease-and-desist orders about deposit-related unsafe and/or unsound banking.Seeks to authorize the Board of Directors to increase the maximum deposit insurance coverage when financial stability is at stake, based on empirical and actuarial studies, inflation, or other economic indicators.Intends to authorize PDIC to set up deposit insurance schemes to protect users of new financial products and depositors in Islamic banks.Proposes to ensure better policy and program coordination between agencies by attaching the PDIC to the BSP (from the DOF).
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.