THE Philippine Deposit Insurance Corp. (PDIC) is pursuing amendments to its charter to expand deposit insurance coverage, accelerate claims processing and strengthen the country’s financial safety net following last year’s increase in the maximum deposit insurance coverage to P1 million.
Speaking at the “PDIC 101: Understanding Deposit
Insurance,” on Wednesday, Aug. 5, 2026, PDIC president and chief executive officer Roberto Tan said the proposed reforms are intended to make the deposit insurance system more comprehensive and responsive to future financial risks.
Among the proposed amendments is the expansion of deposit insurance coverage to include eligible deposits held in non-bank financial institutions and cooperatives.
The proposal also seeks to provide higher insurance coverage for deposit accounts deemed to have high social and economic value, streamline the verification of deposit records to speed up insurance payouts and remove legal hurdles that delay claims.
PDIC is likewise seeking authority to implement a
temporary blanket guarantee during systemic financial crises to help prevent bank runs, as well as enhanced powers to strengthen its liquidation framework and improve institutional efficiency.
The state deposit insurer said it has been conducting consultations with stakeholders to refine the proposed amendments, including a government stakeholder workshop held in June. The inputs gathered will be incorporated before the legislative package is finalized in the coming months.
Separately, Sen. Vicente C. Sotto III filed Senate Bill 1667 in January, proposing amendments to the PDIC Charter aimed at strengthening the agency’s authority and institutional capacity to protect depositors and promote
financial stability.
The proposed reforms build on the increase in the maximum deposit insurance coverage to P1 million that took effect last year, providing greater protection for bank depositors. / KOC