Philippine President Gloria Macapagal Arroyo signed into law Wednesday the amendments to the charter of the Philippine Deposit Insurance Corp. to raise the insurance coverage of bank deposits from 250,000 pesos (US$182,88) to 500,000 pesos (US$36,577).
President Arroyo said the amendments to the charter are part of reforms designed to increase protection of bank deposits and consequently increase the confidence of the public in the banking system.
In October last year, the president approved a proposal to increase the deposit insurance coverage of bank deposits to deter mass withdrawals by depositors amid the global financial crisis.
The original proposal was to increase the maximum deposit insurance coverage from 250,000 pesos to 1 million pesos (US$73,153 dollars), but the Congress trimmed the new maximum insurance coverage to 500,000 pesos.
The Great PAL seat sale is back. Although this promo for booking ends today, the reason for this blog is to muse over the outrageous conditions a customer has to go through to finally book a successful flight. Booking with errors even opens up a new pandora's box.
Let's hope that the contagion does not spread, but since the World Health Organization recently raised the threat level of this swine virus to alert level 4, it is better to be prepared.
Flight season must be slow come June, as both Cebu Pac and PAL simultaneously come out with travel seat sales.
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