State-run Philippine Deposit Insurance Corp. said it is studying the possible adjustment of the current deposit insurance coverage to benefit more depositors.
PDIC now provides a maximum deposit insurance coverage of P500,000 per depositor per bank.
PDIC general counsel Maria Antonette Brillantes-Bolivar, speaking at the Confederation of Central Luzon Rural Bankers (CCLRB) Annual Management Conference, highlighted the agency’s commitment to helping rural banks navigate the dynamic banking landscape.
She said the bank deposit insurer is considering measures to help safeguard depositors’ savings, ensuring they are adequately protected against any unforeseen risks or disruptions in the banking system.
Bolivar said that by reinforcing depositor protection, the government aims to reassure the public and strengthen trust in the banking sector.
“The depositor protection provided by PDIC assures bank depositors that their money in banks is insured up to the coverage limit. The increase in coverage will bolster our shared goal of promoting saving in banks, and in building confidence in the banking system and thus, create opportunities and build resilience for our banks,” she said.
Recognizing the challenges faced by rural banks, the PDIC is exploring targeted interventions to help them adapt to changing markets. These interventions include capacity-building initiatives and digital transformation projects, she said.
The PDIC said that later this year, it would launch a case study program sharing best practices in deposit record-keeping derived from bank examinations. It will also introduce a secure online reporting system to streamline financial data submission for insured banks.
The PDIC recently signed an agreement with the Bangko Sentral ng Pilipinas (BSP) for information exchange to eliminate duplicate reporting and simplifies the process for banks.
It also aims to contribute to financial stability through public education campaigns. Bolivar said the “Maniguro, Magbangko, Umasenso” campaign promotes financial literacy, while the upcoming “Be an Empowered Saver Handbook” (BESH) outlines depositor rights.
The PDIC also remains committed to deepening engagement with rural banks and implementing programs to strengthen their resilience for overall financial stability, she said.
