Philippine Deposit Insurance Corporation

Question 1

Republic Act No. 3591

Answer 1

An Act Establishing the Philippine Deposit Insurance Corporation, Defining its Powers and Duties and for other Purposes.

Question 2

State Policy of RA 3591

Answer 2

It is hereby declared to be the Policy of the State to strengthen the mandatory deposit insurance coverage system to generate, preserve, maintain faith and confidence in the country’s banking system, and protect it from illegal schemes and machinations

Question 3

Liquidation of a Closed Bank

Answer 3

Whenever a bank is ordered closed by the Monetary Board, the Corporation shall be designated as receiver and it shall proceed with the takeover and liquidation of the closed bank in accordance with this Act.

Question 4

Monetary Board

Answer 4

exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system.