Preamble
WHEREAS, the present capitalization of the Philippine Deposit Insurance Corporation (PDIC) of twenty million pesos (P20,000,000.00) is inadequate considering the present deposit insurance coverage of P40,000.00 per depositor; WHEREAS, the deposit insurance scheme is part of the governmental machinery in stabilizing the banking system; WHEREAS, the trust and confidence of the people in banks will depend largely on the capability of the Philippine Deposit Insurance Corporation to insure the safety of deposits in banks; WHEREAS, it is a recognized fact that efficient harnessing of savings in banks would provide funds which could be channeled to the financing of development programs of the country; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Republic of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree the further amendment of Republic Act No. 3591, as amended, as follows: