ILOILO CITY, June 17 — The Philippine Deposit Insurance Corporation (PDIC) will be embarking on more advocacies following the signing of the Deposit Insurance Law by President Benigno S. Aquino III.
Logo photo courtesy of trb.com.ph
PDIC president Cristina Que Orbeta, during an interview at the sidelights of the 14th annual meeting and international conference of the International Association of Deposit Insurers (IADI) that culminated today said that is important that depositors keep a record of their bank transactions. “The law allows us to pay on the basis of depositors’ record. Before the amendment of the law, the basis for payment of insurance is records at the bank,” she said. Also, she added that it is important that “deposits are recorded properly on their certificates and transactions are done within bank premises so that in event that anything happens to the bank they can claim their deposits.”
“Keep your deposit records, know your bank, know where they invest money, and make sure the interest they offer is not out of this world. When you offer interests that are out of this world, very high; you have to check where are they are investing the funds,” she stressed. The three-day convention of international deposit insurers was aimed at crafting communication strategies to further raise public awareness on depositor protection. Nonetheless, she cited that they have been doing financial literacy campaign together with the Bangko Sentral ng Pilipinas (BSP).
Also they are working with the Department of Education (DepEd) on how to “enable to see how to integrate and formalize financial literacy in the curriculum.” She added that their courses are sector targeted such as overseas Filipino workers (OFWs), retirees and pensioners, among others. They will soon include priests and nuns and other focused groups that didn’t have a chance to “really listen to what good banking is, how to be financial literate and how to protect deposits.” “We hoped that we will be able to eventually reach out and spread the message,” she said.