Bill providing higher deposit insurance hurdles 2nd reading

The same measure aims to strengthening the regulatory, administrative and financial capability of the Philippine Deposit Insurance Corporation (PDIC).

The bill also provides tax incentives for the state deposit insurer. Taxes the PDIC will be exempted from, in case the bill becomes law, are income, value-added (VAT) and documentary stamp (DST) taxes. The insurer earns income from assessments and investments on securities and pays the VAT and DST on the transfer of assets from banks.

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