Preamble
WHEREAS, the deposit insurance scheme has been adopted to generate public faith and confidence in the banking system and the Philippine Deposit Insurance Corporation has been established to serve as the implementing agency of the Government; WHEREAS, the Government is currently engaged in the institution of vital reforms in the banking system to enable it to play a more effective role in the socio-economic development of the country; WHEREAS, as a means of encouraging the accumulation of more deposits in order to contribute to the socio-economic progress of the country, it is imperative that protection of deposits in banks be enhanced; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree the amendment of Republic Act No. 3591, as amended, as follows: