The Philippine Deposit Insurance Corporation (Filipino: Korporasyon ng Segurong Deposito ng Pilipinas, abbreviated as PDIC) is a government-run Philippine deposit insurance fund. It was established on June 22, 1963, by Republic Act 3591. It guarantees deposits up to Php 500,000. The primary functions of PDIC are to protect the small investors/depositors and to build strong banking confidence.
PDIC exists to protect depositors by providing deposit insurance coverage for the depositing public and helping promote financial stability. PDIC is tasked to strengthen the mandatory deposit insurance coverage system to generate, preserve, and maintain faith and confidence in the country's banking system; and to protect it from illegal schemes and machinations.
Interestingly, PDIC has vacancies available until August 12, 2022.
One (1) Assistant Department Manager II (SG25/Php 1,035,596.00* Annually)
- Department: Receivership and Bank Management Department II
- Education: Master's Degree OR Certificate in Leadership and Management from the CSC OR CES/CSE Eligibility
- Experience: 5 years of supervisory/management experience
- Training: 120 hours of supervisory /management training/learning and development intervention OR Minimum of 40 hours of management training/ learning and development intervention and a maximum of 80 hours of technical training programs related to:
- Computer Engineering
- Information and Communications Technology
- Deposit Insurance
- Banking Operations
- Accounting
- Auditing
- Finance
- Enterprise Risk Management/Analysis
- Corporate Governance
- Internal Control
- Quality Assurance
- Strategic Planning
- Corporate Scorecard
- Policy Formulation
- Total Quality Management
- Business Process Improvement
- Human Resource Management
- Learning & Development
- Organization Development
- Government Procurement
- Public Relations and other relevant training, as applicable
- Eligibility: Not Required
- Job Summary: Acts as Deputy Liquidator; Manages and administers closed banks under liquidation of PDIC.
One (1) Assistant Department Manager II (SG25/Php 1,035,596.00* Annually)
- Department: Systems Development Department
- Education: Master's Degree OR Certificate in Leadership and Management from the CSC OR CES/CSE Eligibility
- Experience: 5 years of supervisory/management experience
- Training: 120 hours of supervisory /management training/learning and development intervention OR Minimum of 40 hours of management training/ learning and development intervention and a maximum of 80 hours of technical training programs related to:
- Computer Engineering
- Information and Communications Technology
- Deposit Insurance
- Banking Operations
- Accounting
- Auditing
- Finance
- Enterprise Risk Management/Analysis
- Corporate Governance
- Internal Control
- Quality Assurance
- Strategic Planning
- Corporate Scorecard
- Policy Formulation
- Total Quality Management
- Business Process Improvement
- Human Resource Management
- Learning & Development
- Organization Development
- Government Procurement
- Public Relations and other relevant training, as applicable
- Eligibility: Not Required
- Job Summary: Performs Quality Assurance and Project Monitoring activities for various Information and Communication Technology (ICT) Projects; Recommends standards relative to ICT systems for Adoption by the Corporation.
Two (2) Corporate Executive Officer II (SG24/Php 850,260.00* Annually)
- Department: Systems Development Department
- Education: Bachelor's Degree
- Experience: 4 years of relevant experience
- Training: 24 hours of relevant training
- Eligibility: Not Required
- Job Summary: Handle application system management and development
Two (2) Corporate Executive Officer II (SG24/Php 850,260.00* Annually)
- Department: Technical Support Department
- Education: Bachelor's Degree
- Experience: 4 years of relevant experience
- Training: 24 hours of relevant training
- Eligibility: Not Required
- Job Summary: Act as data/system administrator; Supervise and monitor the User Account Maintenance of the assigned ICT system; Administer and maintain ICT systems and resources; Supervise and monitor back-up and restoration of data; Manage, maintain and make available all the databases of PDIC; Administer and enhance MIS; Monitor the implementation and operation of online Disaster Recovery service to ensure compliance with agreed service levels.
One (1) Corporate Executive Officer I3(SG24/Php 720,940.00* Annually)
- Department: Records Control and Logistics Department
- Education: Bachelor's Degree
- Experience: 4 years of relevant experience
- Training: 24 hours of relevant training
- Eligibility: Not Required
- Job Summary: Provides support services to Receivership and Liquidation operations in the handling of Queries, Requests, and Complaints (QRCs); Exercises supervision over the casual employees handling the QRCs.
One (1) Supervising Accounts Management Specialist (SG20/Php 530,678.00* Annually)
- Department: Technical Support Department
- Education: Bachelor's Degree relevant to the job
- Experience : 3 years of relevant experience
- Training: 16 hours of relevant training
- Eligibility: Not Required
- Job Summary: Provides technical assistance in the procurement and deployment of hardware, software, and facilities needed by the corporate users and inside the Data Center; Performs regular back-up and restoration of data from backup media; Processes and posts approved communication materials in the PDIC website and Intranet; Monitors and enhances network infrastructure and telecommunications services; Supervises and enhances ICT Helpdesk operations; Attends to user requests thru the ICT Helpdesk; Provides IT support to field instructions.
One (1) Human Resource Management Officer III (SG18/Php 442,954.00* Annually)
- Education: Bachelor's Degree relevant to the job
- Experience: 2 years of relevant experience
- Training: 8 hours of relevant training
- Eligibility: Not Required
- Job Summary: Takes charge of sourcing talents from various platforms; Conducts preliminary screening of applicants; Prepares memoranda, reports, and data requirements; Conducts employment testing – evaluates test results and prepares test reports; Provides technical, administrative, and logistic support for the Recruitment Unit.
One (1) Information Officer III (SG18/Php 442,954.00* Annually)
- Department: Corporate Communications Department
- Education: Bachelor's Degree relevant to the job
- Experience: 2 years of relevant experience
- Training: 8 hours of relevant training
- Eligibility: Not Required
- Job Summary: Conceptualizes and develops multimedia public information materials in support of the social media management, brand management and campaign and corporate public awareness program.
Three (3) Senior Accounts Management Specialist (SG18/Php 442,954.00* Annually)
- Department: Financial Control and MIS Department
- Education: Bachelor's Degree relevant to the job
- Experience: 2 years of relevant experience
- Training: 8 hours of relevant training
- Eligibility: Not Required
- Job Summary: Processes request for disbursements from closed banks' funds; Replenishes buffer fund for disbursement transactions; Remits taxes withheld from closed banks' service providers/suppliers to BIR.
One (1) Creative Arts Specialist II (SG15/Php 380,080.00* Annually)
- Department: Corporate Communications Department
- Education: Bachelor's Degree relevant to job
- Experience: 1 year of relevant experience
- Training: 4 hours of relevant training
- Eligibility: Not Required
- Job Summary: Conceptualizes, drafts and finalizes all artworks, studies of design of all publications and other multimedia information materials.
Core/Organizational Competencies (Applies to all positions in PDIC)
Commitment to Depositor Protection, Collaborating and Communicating, Continuous Improvement and Learning, Delivering Excellent Results, Exemplifying Professionalism and Integrity, Personal Effectiveness, Service Orientation.
Leadership/Managerial Competencies (Applies to Assistant Department Manager II (JL C) up to Vice President (JL E) positions in PDIC)
Organizational Outlook & Strategic Alignment, Developing Talents, Engaging and Inspiring Individuals and Teams, Managing Performance, Solutions–Oriented
PDIC's Recruitment Policies
Interested and qualified applicants should signify their interest in writing by sending their letter of application together with the following documents to the address below not later than August 12, 2022.
- Fully accomplished Personal Data Sheet (PDS) with recent passport-sized picture (CS Form No. 212, Revised 2017) which can be downloaded from HERE;
- Work Experience Sheet which can be downloaded HERE;
- Photocopy of certificate of eligibility/rating/license (if any);
- Photocopy of Transcript of Records and Diploma; and
- Photocopy of Training Certificates.
APPLICANTS are advised to hand in or send through courier/mail/email their application to:
THE DEPARTMENT MANAGER
Human Resource Administration Department
Philippine Deposit Insurance Corporation
9/F SSS Building 6782 Ayala Ave. cor. V.A. Rufino St., Makati City 1226
Email address: recruitment@pdic.gov.ph
Only applications that satisfy the requirements and have complete documents will be processed.
Equal Employment Opportunity Principle: PDIC adheres to the principle that there shall be no discrimination in the recruitment, selection, and placement of applicants on account of age, gender, identity, sexual orientation, civil status, disabilities, religion, ethnicity/indigenous group membership, or political affiliation.
Privacy Notice: PDIC is committed in ensuring that your personal data are protected and secured. We only use your personal data for the purpose of providing services pursuant to our mandate. Our privacy policy values and protects your personal data under the Data Privacy Act of 2012. For our privacy notice, please refer to www.pdic.gov.ph/privacy-policy
History of PDIC
On June 22, 1963, PDIC was created through Republic Act 359, which provided:
- Deposit insurance cover for banks.
- Maximum deposit insurance of P 10,000 per depositor.
- Maximum assessment rate of 1/12 of 1% assessable deposits per annum.
- Voluntary insurance membership with PDIC.
- Permanent insurance fundmat 5 million pesos.
- Formation of a 3-member Board of Directors.
In 1969, Membership to PDIC became compulsory for all banks through Republic Act 6037. In 1970, PDIC started collecting maximum assessment rate of 1/18 of 1% of net assessable deposits per annum. On the same year, First payout was given to the Rural Bank of Nabua authorized by the Board. On July 6, 1970, initially one claim agent was assigned to handle the payout, although a transfer deposit scheme with the Rural Bank of Rinconada was later arranged facilitate claims payment. Then 1978 the maximum deposit insurance coverage was increased to 15,000 pesos per depositor according to Presidential Decree 1451. In 1984 the following reform take place in the PDIC: 1.Maximum deposit insurance coverage was increased to P40,000 per depositor (Presidential Decree 1897).
Under Presidential Decree 1940, the following reforms were undertaken:
- PDIC made a preferred creditor over unsecured creditors
- Trust accounts excluded from insurance coverage
- Minimum assessment premium paid by banks set at P250
In 1988 the World Bank report on strengthening the financial sector was completed and recommended a greater role for PDIC in the supervisory/examination of banks and in handling distressed banks. The World Bank recommended PDIC to be appointed mandatory receiver and liquidator of closed banks, and its financial and manpower resources reinforced. As a result, PDIC drafted the Institutional Strengthening Program laying the groundwork for an institutional/organizational restructuring to cope with the expanded function; setting of upgraded standards, hiring procedures and intensive training programs; and innovations in systems and procedures with emphasis on computerization and automation.
Later 1989 Liquidity pools were set up to contribute to the stability in the rural banking system by immediately addressing temporary liquidity requirements of rural banks. Under this scheme, rural banks contributed a portion of their liquid assets which Land Bank of the Philippines (LBP) matched. The funds were invested in high-yielding, risk-free government securities, which can be availed of by member rural banks in the event of liquidity crisis. Further, PDIC maintained a credit line in case more funds are needed. After four years, there were already 27 liquidity pools created composed of 429 rural banks.
Following year PDIC joined a World Bank mission, with then Central Bank and Land Bank of the Philippines, that created the Countryside Financial Institutions Enhancement Program (CFIEP) aimed at transforming rural banks into formidable agents of countryside development. The program helped rural banks to reduce burden of debt to CB, raise capital, attain economies of scale and become more competitive in the banking system. CFIEP Module 1 provided for infusion of fresh equity from existing stockholders and new investors. Module 2 focused on incentives in enhancing capital, while Module 3 provided incentives for merging and consolidation.
Until on 1992 following changes undergo in the institution:
- Republic Act 7400 was reenacted on April 13 amending Republic Act 3591, and providing among others:
- increased maximum deposit insurance coverage to P100,000 from P40,000
- adjusted assessment rate to a maximum of 1/5 of 1 percent of total deposit liabilities
- increased Permanent Insurance Fund to P3 billion from P2 billion
- authority to conduct independent examination of banks e.)assumption of liabilities as an additional mode of financial assistance
- mandated as receiver and liquidator of banks ordered closed by the Monetary Board
- amendment to the composition of the Board, designating the Finance Secretary as Chairman, PDIC President as Vice-Chairman, Bangko Sentral ng Pilipinas Governor as member, and two representatives from the private sector.
- PDIC's office building located at 2228 Pasong Tamo Street, Makati City was inaugurated.
In 1996 Innovations were adopted to facilitate claims payment to include:
Approval of scheme allowing immediate payment of claims with balances not exceeding P500 after these are validated, instead of passing through the usual rigorous deposit examination direct cash payment of deposit accounts with balances not exceeding P1,000 simplification of documentary requirements to support claims for accounts of deceased depositors with deposit balances not exceeding P5,000 establishment of emergency pay-out facility to enable PDIC to respond to humanitarian needs of depositors. The facility allows the PDIC President to approve payment of the actual amount of claims or P5,000, whichever is lower, even before the official start of the claims settlement operations in a closed bank. Said amount was subsequently increased up to the MDIC of P100,000.
In the year 2004 the institution make amendments for the aim to protect depositors from loss.
Republic Act 9302, or the Amendments to the PDIC Charter, was passed into law. The amendments aimed to provide heightened depositor protection. Major provisions included:
increase in the maximum deposit insurance coverage to P250,000 from P100,000 restoration of PDIC's authority to examine banks with prior approval by the Monetary Board continuing insurance coverage of banks grant of financial assistance to distressed banks under systemic risk conditions authority to investigate banks on frauds, irregularities and anomalies based on complaints received and reports of bank examinations enhancement of PDIC's receivership and liquidation authority. Single digit turnaround time in claims settlement operations from bank takeover was achieved for all banks closed during the year with average turnaround time at 8 days.
PDIC, as Liquidator, completed 78 final projects of distribution (POD) for closed banks. POD refers to the specific distribution plan of a closed bank's assets and is submitted to the Liquidation Court for approval.
Then another amendments took place in PDIC in 2009 follows:
The PDIC Charter was amended with the passage of Republic Act 9576 that took effect on June 1, 2009. The most significant provisions are:
increase in the maximum deposit insurance coverage from P250,000 to P500,000 grant of the flexibility to adjust the maximum deposit insurance coverage in case of a condition that threatens the monetary and financial stability of the banking system, subject to the approval by the President of the Philippines grant of institutional and financial strengthening measures to mitigate moral hazard and beef up the Deposit Insurance Fund. During the year, the PDIC laid the foundation for new initiatives aimed at invigorating the banking sector, particularly rural banks through the Strengthening Program for Rural Banks funded at P5 billion and the support program, the Investor-Investee Helpdesk.
The PDIC adopted the Corporate Governance Code and implemented the Citizen's Charter.
President Jose C. Nograles was elected to IADI's Executive Council.
Source: Philippine Deposit Insurance Corporation
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