Further Amendment to Part III (Assessments) of the PDIC Rules and Regulations, As Amended
On May 1, 2006, the Philippine Deposit Insurance Corporation (PDIC) issued Regulatory Issuance No. 2006-02, which amended the regulations regarding assessments on member banks. Specifically, it updated the conversion rate for foreign currency denominated deposits (FCDs) to pesos, mandating the use of the Philippine Dealing System (PDS) closing rates as of the assessment base days. The new regulation ensures that any future amendments to the conversion rate align with those prescribed by the Bangko Sentral ng Pilipinas. This issuance took effect 15 days after its publication on November 22, 2006, and aims to provide clarity for compliance among member banks.
Law Information
- Reference Number
- PDIC Regulatory Issuance No. 2006-02
- Date Enacted
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 1, 2006
PDIC REGULATORY ISSUANCE NO. 2006-02
| TO | : | Member Banks |
| SUBJECT | : | Further Amendment to Part III (Assessments) of the PDIC Rules and Regulations, As Amended |
Pursuant to provisions of Republic Act (RA) No. 3591, as amended, the Board of Directors of PDIC, by virtue of Resolution No. 2006-10-150 dated 25 October, 2006, approved the following amendment to Section 1 (a) of the PDIC Regulatory Issuance No. 2002-04, which amended Section 3.02 paragraph 4 of the PDIC Rules and Regulations, prescribing a new conversion rate for foreign currency denominated deposits (FCDs) for purposes of computing the assessment, as follows:
The last paragraph of Section 1(a) of the PDIC Regulatory Issuance No. 2002-04, shall read as follows:
"Deposits maintained in foreign currencies in an insured bank shall form part of total deposit obligations of said bank. Foreign currency denominated deposits shall be converted to pesos using the Philippine Dealing System (PDS) closing rates as of the assessment base days. Provided, That, in the event of future amendment of the prescribed conversion rate for foreign exchange transactions, the basis for converting foreign currency denominated deposits into pesos shall be aligned with the Bangko Sentral ng Pilipinas prescribed conversion rate as of assessment base days."
This RI shall take effect fifteen (15) days after publication in a newspaper of general circulation.
For guidance & compliance.
(SGD.) IMELDA S. SINGZONOfficer-In-Charge
Date Published: November 22, 2006.
Cite This Law
Further Amendment to Part III (Assessments) of the PDIC Rules and Regulations, As Amended, PDIC Regulatory Issuance No. 2006-02, May 1, 2006 (Philippines)
Further Amendment to Part III (Assessments) of the PDIC Rules and Regulations, As Amended, PDIC Regulatory Issuance No. 2006-02 (Phil. 2006)
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