Section 1Sec./Art. 1

Section 1 of Republic Act No. 3591, as amended, or "An Act Establishing the Philippine Deposit Insurance Corporation, Defining its Powers and Duties and for Other Purposes," is hereby further amended to read as follows:

"THE CREATION OF THE PHILIPPINE DEPOSIT INSURANCE CORPORATION

"Section 1. There is hereby created a Philippine Deposit Insurance Corporation hereinafter referred to as the 'Corporation' which shall insure as herein provided, the deposits of all banks which are entitled to the benefits of insurance under this Act, and which shall have the powers hereinafter granted.

"The Corporation shall, as a basic policy, promote and safeguard the interests of the depositing public by providing insurance coverage on all insured deposits and helping maintain a sound and stable banking system.

"The Corporation shall be attached to the Bangko Sentral ng Pilipinas for policy and program coordination."