PDIC issues new rules on decals, standees and seal
December 14, 2019 - Saturday 6:12 PM by Lovely Carillo
The Philippine Deposit Insurance Corporation (PDIC) urged banks to comply with the new regulations on the use of PDIC official signs in banks and their display requirements in bank premises,
This directive came following the recent launch of PDIC’s new logo and the approval of the new official insurance statement, “Deposits are insured by PDIC up to P500,000 per depositor”. A press release by the PDIC said both are meant to reinforce its objective of providing depositor protection and promoting financial stability.
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.
PDIC said 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 Regulatory Issuance 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 said issuance has authorized PDIC 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.
As stated in the Issuance, violators including bank and/or its directors, officers, employees, or agents shall be subjected to administrative fines, and may also be liable for civil and criminal actions under Republic Act No. 3591 or PDIC’s charter. LOVELY CARILLO
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