PDIC doubles deposit insurance to P1M
MANILA, Philippines — The Philippine Deposit Insurance Corporation (PDIC) announced an expanded insurance coverage for bank deposits, doubling again the protection for depositors’ funds.
In a memorandum to all banks dated Feb. 27, the PDIC — which is mandated to protect depositors and their funds — hiked the maximum deposit insurance coverage (MDIC) to P1 million per depositor per bank. That was twice the previous MDIC of P500,000.
READ: PDIC paid P281.5-M in deposit insurance claims in 2024
The bigger MDIC will take effect on March 15.
The last time the MDIC increased was in 2009—doubling from P250,000 to P500,000—through an earlier amendment to the PDIC charter.
Under its amended charter that lapsed into law in 2022, PDIC can adjust the MDIC based on inflation and other relevant economic indicators without the need for a new law.
