PDIC sets new rules on deposit product ads

Banks are now required to include the new official statement of the Philippine Deposit Insurance Corporation (PDIC), which has been amended to reinforce the insurer’s policy objective.

Amendments to the Regulatory Issuance (RI) covering bank advertisements relating to deposit insurance include the new official insurance statement “Deposits are insured by PDIC up to P500,000 per depositor,” PDIC said Monday.

This replaces the long-standing statement of the PDIC, “Member: PDIC. Maximum deposit insurance per depositor P500,000”and the short title, “Member: PDIC.”

“The amended RI requires banks to use the new official insurance statement in its general advertisements and advertisement of its deposit products,” said the PDIC said in a statement.

“The banks are also required to indicate the official insurance statement in depositors’ evidence of deposits and in the homepage of the banks’ websites and mobile banking applications and its website page where deposit products and services are presented,” it added.

The state-run PDIC clarified, however, that the regulatory issuance prohibits banks from using or including the official insurance statement in print, video and audio advertisements pertaining to bank products not covered by the deposit insurance. —Jon Viktor Cabuenas/VDS, GMA News