Republic Act No. 11840, An Act Establishing the Philippine Deposit Insurance Corporation

Republic Act No. 11840 amended the Charter of the Philippine Deposit Insurance Corporation (PDIC) to further strengthen and expand the financial safety net for depositors and creditors of Philippine banks. The amendments authorize the PDIC to adjust the maximum deposit insurance coverage based on inflation and other relevant economic indicators without the need for legislation. It also reclassifies the PDIC as an attached agency of the Bangko Sentral ng Pilipinas (BSP). 

The PDIC is also mandated to provide insurance cover to Islamic bank products or arrangements classified as deposits by the BSP. It further authorizes the PDIC to establish a separate deposit insurance fund or takāful to cover these types of deposit products.