The Philippine Deposit Insurance Corp. (PDIC) said raising the maximum deposit insurance coverage (MDIC) to P1 million per depositor, per bank, underscores the government’s commitment to strengthening the financial safety net.
The move aims to enhance depositor protection, bolster trust in banks, and foster a more resilient financial system, the PDIC said in a statement.
“Deposit insurance is a key pillar of financial stability,” PDIC president and chief executive Roberto Tan said.
“By guaranteeing the protection of bank deposits up to the MDIC, deposit insurance bolsters depositor confidence in banks and safeguards the depositing public to a larger extent,” he said.
The new MDIC, aligned with current economic conditions, encourages Filipinos to save in banks, securing their future and indicating positive prospects for the broader economy, Tan said.
The adjustment from the previous P500,000 limit, set in 2009, updates the deposit protection provided by the PDIC.