Regulatory Issuance 2017-01; Revised Rules and Regulations on Regular Assessment of Banks

June 27, 2017

PDIC BULLETIN NO. 2017-10

 

The Regulatory Issuance (RI) 2017-01 on the Revised Rules and Regulations on Regular Assessment of Banks took effect on May 27, 2017. A copy can be downloaded from the PDIC website www.pdic.gov.ph.

The following are some of the salient provisions of this RI:

1. Filing of Certified Statement — a soft or electronic copy of the First Certified Statement (FCS) or the Regular Certified Statement (RCS), using a prescribed excel template, must now be emailed to [email protected]. This is in addition to the requirement to send PDIC two (2) duly signed and notarized printed copies of the FCS or RCS, either by personal delivery or thru mail.

2. Payment of Regular Assessment — all payments shall be made through Real Time Gross Settlement Facility (RTGS) facility. The procedure is outlined in Annex A.

Banks which have no RTGS facility may pay via Land Bank of the Philippines (LBP) Online Collection facility. The procedure is outlined in Annex B.

3. Foreign Currency Deposits — banks with deposits in foreign currency shall follow the conversion procedure in Annex C.

Please be reminded that any violation of RI 2017-01 shall subject the member bank and/or any of its responsible directors, officers, employees or agents to administrative fines and criminal liability in accordance with Section 26 (f) and (g) of the PDIC Charter.

ROBERTO B. TAN

President

ANNEX A

PAYMENT OF ASSESSMENT THRU REAL TIME GROSS SETTLEMENT (RTGS)

1. Assessment payment via RTGS shall be made to the Land Bank of the Philippines (LBP), for credit to the Philippine Deposit Insurance Corporation (PDIC) Account No. 1782-1000-56 with LBP Pasong Tamo Branch.

2. Indicate clearly the following information in the SWIFT instructions:

(a) Name of Bank

(b) Assessment Period (e.g., March and June 2017)

(c) Amount of Assessment Paid

(d) SWIFT message, showing the purpose of remittance, as follows:

(i) For payment of semi-annual assessment: "PAYMENT OF ASSESSMENT DUE TO PDIC"

(ii) For payment of assessment deficiencies: "PAYMENT OF ASSESSMENT DEFICIENCIES TO PDIC"

3. Immediately after payment via RTGS, email the SWIFT instructions to the PDIC Treasury Department at [email protected] to facilitate the prompt issuance of Official Receipt.

4. Send two (2) copies of the duly signed and notarized First or Regular Certified Statement with supporting schedules (for payment of assessment due) or a copy of PDIC audit/billing letter (for payment of assessment deficiency) to:

The ManagerPhilippine Deposit Insurance Corporation

5. PDIC will send your bank's Official Receipt thru registered mail, courier or personal delivery. For pick-up from the PDIC, kindly call the following numbers: (02) 841-4210 and (02) 841-4211.

ANNEX B

PAYMENT OF ASSESSMENT THRU ONLINE COLLECTION FACILITY

1. Fill-up the Paying Bank Receipt (PBR) form (see Annex B.1) indicating, among others, the name of the bank, the Paying Bank's Reference number, the amount of assessment, and PDIC Clearing Account No. 1782-2220-97. The PBR can be downloaded from the PDIC website www.pdic.gov.ph. 1

The Paying Bank's Reference number is unique for each bank and is provided by the PDIC Insurance Department. Failure to indicate the correct details in the PBR will delay the issuance of the receipt.

2. Ensure that the amount in the PBR tallies with the amount in the First Certified Statement (FCS) or Regular Certified Statement (RCS).

3. Go to any LBP branch and present the following to the LBP teller along with your assessment remittance:

3.1 For payment of assessment due: duly accomplished PBR and FCS or RCS with schedules;

3.2 For payment of assessment deficiency: duly accomplished PBR and copy of audit letter/billing letter from PDIC.

4. After the LBP teller has accepted the bank's payment, ensure that the PBR is validated, or stamped "PAID" and initialed by the LBP teller.

5. Send a copy of the PBR (validated or stamped "PAID" and initialed by the LBP teller) to PDIC Insurance Department, simultaneous with the payment of assessment.

6. Make sure that you have the correct address of the PDIC Insurance Department as follows:

The Manager, Insurance DepartmentPhilippine Deposit Insurance Corporation

7. For inquiries, call (02) 841-4210 and 841-4211.

ANNEX B.1

Paying Bank Receipt

ANNEX C

PROCEDURE IN THE CONVERSION OF FOREIGN CURRENCY DEPOSITS TO PHILIPPINE PESO

A. Conversion of US Dollar Denominated Deposits to Philippine Peso

1. Access the Bangko Sentral ng Pilipinas (BSP) Reference Exchange Rate Bulletin at the BSP website www.bsp.gov.ph.

2. Use the Philippine Dealing System (PDS) closing rate as of assessment base day which is located at the bottom page of the BSP Reference Exchange Rate Bulletin.

3. Compute for the peso equivalent using the said PDS closing rate.

B. Conversion of Third Currency Deposits to Philippine Peso

1. Access the BSP Reference Exchange Rate Bulletin at the BSP website www.bsp.gov.ph.

2. Convert the third currency to US Dollar using the New York/US dollar third currency closing rates, as of assessment base days, indicated in the BSP Reference Exchange Rate Bulletin.

3. Compute for the US Dollar equivalent of the third currency.

4. Then, compute for the peso equivalent using the PDS closing rate as indicated above.

Footnotes

1. n The excel template prescribed by PDIC can be downloaded from the PDIC website, www.pdic.gov.ph Go to Member Banks' Corner, click Certified Statement, then click Certified Statement Worksheet.

ANNEX B

1. Prior to accomplishing the PBR, make sure that the First Certified Statement (FCS) which is the form used by a new bank, or the Regular Certified Statement (RCS) which is the form used by an existing bank, and its supporting schedules, are duly accomplished.

n  Note from the Publisher: Copied verbatim from the official document. Missing Footnote Reference.