Preamble
WHEREAS, the Philippine Deposit Insurance Corporation (PDIC) is tasked not only with the vital role of administering the deposit insurance scheme but also in helping in the development of a stable and sound banking system; WHEREAS, to enable the Corporation to cope with the present problems in the domestic banking system, which may adversely affect the trust and confidence in the banking system, there is an imperative and urgent need to amend the present PDIC law, as amended; WHEREAS, a stronger PDIC could be an effective partner of the Central Bank in maintaining a sound and stable banking system. NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of thePhilippines, 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: