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The Deposit Function
Transcript of The Deposit Function
- A government instrumentality created in 1963 by virtue of Republic Act 3591 to insure the deposits of all banks which are entitled to the benefits of insurance.
- The latest amendments to RA 3591 are contained in RA 9576 signed into law on April 29, 2009. RA 9576 increased the maximum deposit insurance coverage to P500,000.00.
RA 337 General Banking Act
“Only entities duly authorized by the Monetary Board of the Central Bank may engage in the lending of funds obtained from the public through receipt of deposits of any kind, and all entities regularly conducting such operations shall be considered banking institution.”
How Deposit are Created?
The Deposit Function
Importance of Deposits
Sources of Deposits
As to the Bank:
- Life blood
- Primary Source of Funds
As to the Public:
- Helps them Save
As to the Economy:
- Makes a ripple
RA 1405 Law on Secrecy of Bank Deposits
"All deposits of whatever nature with banks or banking institutions in the Philippines including investments in bonds issued by the Government of the Philippines, its political subdivisions and its instrumentalities, are hereby considered as of an absolutely confidential nature and may not be examined, inquired or looked into by any person, government official, bureau or office, except upon written permission of the depositor, or in cases of impeachment, or upon order of a competent court in cases of bribery or dereliction of duty of public officials, or in cases where the money deposited or invested is the subject matter of the litigation."