Cheyenne Suarez

PDIC doubles maximum deposit insurance coverage to P1 million

Article (news)

Benise Balaoing

ABS-CBN News

MANILA — The PDIC is doubling the maximum deposit insurance coverage to P1 million per depositor from P500,000 starting March 15.In a statement, the PDIC said the deposit insurance coverage is a financial safety net to protect depositors and help promote financial stability.The PDIC said its Board of Governors can adjust the maximum deposit coverage to an amount indexed to inflation or in consideration of other economic indicators as it deems appropriate.The deposit coverage is also up for review every three years.In 2024, PDIC Vice President for Corporate Affairs Jose Villaret said that their maximum deposit insurance coverage of P500,000 already fully insures <a href="https://www.abs-cbn.com/business/2024/6/7/pdic-highlights-importance-of-depositing-money-in-banks-for-financial-stability-2344" rel="noopener noreferrer" target="_blank">97 percent</a> of the deposit accounts in the bank system. <div><a href="https://www.abs-cbn.com/news/business/2025/1/13/pdic-over-p107-billion-idle-funds-remitted-to-treasury-2126" rel="noopener noreferrer" target="_blank">PDIC: Over P107 billion idle funds remitted to Treasury</a></div>

The PDIC is doubling the maximum deposit insurance coverage to P1 million per depositor from P500,000 per starting March 15.

The PDIC is doubling the maximum deposit insurance coverage to P1 million per depositor from P500,000 per starting March 15.