THE Philippine Deposit Insurance Corp. has released regulations amending the Regulatory Insurance (RI) on the use of its official signs in banks following the launch of the new PDIC logo.
The official insurance statement replaces the long-standing statement, “Member: PDIC. Maximum deposit insurance per depositor P500,000,” and the short title, “Member: PDIC.”
According to PDIC, the amendments contained in RI 2019-01 prescribe 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 should come in forms of sticker, desktop standee, and electronic or digital image for automated teller machines 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 sticker at the entrance of its head office, branches and branch-lite units, and the PDIC desktop standee at the bank’s counters or windows where deposits are received in the head office and branch-lite units.
The regulation also 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 or its officials and employees.
The bank and 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 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.