State-run Philippine Deposit Insurance Corp. (PDIC) has released proposed revisions to its rules on denied deposit insurance claims to proactively gather feedback from banks, depositors, and other stakeholders.
The proposed revisions to Regulatory Issuance (RI) No. 2011-03 on Rules Governing Requests for Reconsideration of Denied Deposit Insurance Claims (Revised RI) are designed to provide clearer, more consistent and transparent guidelines for depositors. The goal is to ensure the process of seeking reconsideration is both fair and efficient.
Among the key enhancements are the expanded coverage of the RI to address a wider range of cases, refined procedures for filing requests for reconsideration (RFR) to make the process more accessible and user-friendly and defined timelines within which requests should be resolved to ensure prompt action on claims.
The PDIC said it also plans to introduce a standardized RFR form that is aligned with data privacy laws to protect sensitive depositor information.
It said that in line with its commitment to transparency and inclusivity, it conducts public consultations to ensure the revised guidelines are responsive to stakeholders’ needs and feedback. Once finalized, the revised RI will be officially published and disseminated to the public.
The draft revised RI is available on the PDIC website.
