The Philippine Deposit Insurance Corporation (PDIC) has announced that the maximum deposit insurance coverage has been doubled. Effective March 15, 2025, it will go from PHP 500,000 to P1 million.
The announcement was made by the PDIC via their website. Deposit insurance is a government-mandated safety net protecting depositors in the event of bank failure.
They also said that the increase was approved by their board of directors. This provides enhanced protection and confidence for the public.
This change is in alignment with Republic Act 3591 or the PDIC Charter. This allows for adjustments to the maximum deposit insurance coverage based on inflation or other economic factors.
The PDIC’s decision also comes from a recent order from the Department of Finance and PhilHealth. They were instructed to return excess funds (P110 billion) to the national treasury.
The transfer of funds from the PDIC and PhilHealth have been widely criticized. Notably, the Supreme Court ordered a freeze on their remaining transfers.
Again, this is effective on March 15. However, the deposit coverage will be up for review every three (3) years.
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