PDIC Meaning and
Definition
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The Philippine Deposit Insurance Corporation (PDIC) is a government-owned and controlled corporation in the Philippines that provides deposit insurance coverage for depositors of banks. It is an independent entity established under Republic Act No. 3591, also known as the PDIC Act. The primary objective of the PDIC is to promote financial stability and protect depositors by providing insurance coverage for their deposits in case of bank failures or closures.
PDIC works by insuring individual deposit accounts up to a certain limit set by law. It covers all types of deposits, including savings accounts, current accounts, time deposits, and even foreign currency deposits. The insurance coverage ensures that depositors will be able to recover their insured deposits in case their bank experiences financial distress or closure.
In addition to its insurance function, the PDIC also acts as receiver and liquidator of closed banks. When a bank is placed under receivership, PDIC takes over and manages its assets and liabilities to protect the interests of depositors and creditors. It conducts the orderly winding up of the bank's affairs, including the collection of debts and the disposal of its assets.
Overall, PDIC plays a crucial role in maintaining public confidence in the banking system of the Philippines. By providing deposit insurance coverage and acting as a receiver for troubled banks, it ensures that depositors' funds are safeguarded and that the financial system remains stable.
Common Misspellings for PDIC
- pduc
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- pdidc
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- qDIC
- PDyC
- pd ic
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