Banks told to keep deposits’ database

CEBU, Philippines - Philippine Deposit Insurance Corporation's member-banks will have to maintain computerized records of bank deposits to efficiently know the amount of insured accounts and make timely deposit insurance claims.

In a recent press statement, PDIC said its board recently approved Regulatory Issuance No. 2015-01 or the Rules and Regulations Governing Computerized Records of Bank Deposits for compliance of its member-banks. The new regulations will take effect on Feb. 27.

The new issuance requires banks to keep a five-year computerized database system for deposit information and transactions.

Member-banks are also required to create a facility for the Deposit Account View, a report of consolidated depositor information.

PDIC's new rules further require banks to have a backup system for deposit information to concur with the central bank's disaster recovery and business continuity guidelines.

The deposit insurer said banks must submit "a plan of implementation for the PDIC requirements and a report on the features of systems used for computerized database" on or before March 30, 30 days from the issuance's effectivity.

It warned that member-banks and their responsible workers who defy the new rules will face administrative fines based on Section 21 of PDIC Charter.

Before it released the regulatory issuance, PDIC said it consulted the Bankers Association of the Philippines, Chamber of Thrift Banks and Rural Bankers' Association of the Philippines from March to April 2014. —  Carlo S. Lorenciana (FREEMAN)