The Philippine Deposit Insurance Corporation (PDIC) is recommending changes to the rules for denied deposit insurance claims to make the reconsideration process "fair and efficient."
According to a statement today, the proposed updates include broader coverage of the regulations to encompass a wider array of cases.
The state deposit insurer is also advocating for improved procedures for filing Requests for Reconsideration (RFR) to make the process more accessible and user-friendly.
The PDIC is also recommending set timelines for resolving requests, ensuring claims are addressed promptly.
Additionally, the insurer seeks a standardised RFR form that complies with data privacy laws to safeguard sensitive depositor information.
It is reported that stakeholders have until 15 October to submit their comments on the draft rules.