Preamble
WHEREAS, it is the declared policy of the State to encourage the accumulation of savings and deposits in banks in recognition of the immense contribution of these funds mobilized by banks in the socio-economic development of the country; WHEREAS, the deposit insurance system was conceived to generate more faith and confidence in the banking system by providing immediate relief to bank depositors in the event of bank failures; WHEREAS, under R.A. No. 3591 enacted in June 1963, the Philippine Deposit Insurance Corporation was established to administer an insurance system for bank deposits; WHEREAS, under prevailing circumstances, there is a felt need to increase the insurance coverage from its present amount of P15.000 per depositor; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree the further amendment of Republic Act No. 3591, as amended, as follows: