AFTER raising the maximum deposit insurance coverage to ₱1 million last year, the Philippine Deposit Insurance Corp. (PDIC) is advancing a legislative agenda to modernize and strengthen the country’s deposit insurance system.
During the “PDIC 101: Understanding Deposit Insurance” joint press conference with the Philippine Information Agency (PIA), PDIC President and CEO Roberto B. Tan outlined proposed amendments aimed at making the deposit insurance system broader, faster, and more resilient against future economic risks.
“Last year’s increase in coverage was an important promise to depositors. This legislative agenda is how we fulfill that promise for the future — by building a deposit insurance system that is broader in coverage, faster in response, stronger in times of crisis, and worthy of public trust,” Tan said.
The proposed reforms would:
Expand deposit insurance coverage to eligible deposits in nonbank financial institutions and cooperatives;
Provide higher insurance coverage for accounts with high social and economic value;
Speed up payment of deposit insurance claims by streamlining the verification of deposit records and removing statutory legal hurdles;
Authorize the PDIC to implement a temporary blanket guarantee during systemic financial crises to help prevent bank runs; and
Strengthen the corporation’s liquidation framework and institutional capacity to improve operational efficiency.
PDIC said it continues to consult stakeholders to refine the proposals. The corporation concluded a government stakeholder workshop in June 2026 and will use the recommendations to finalize the legislative amendments in the coming months.
In January 2026, Sen. Vicente C. Sotto III filed Senate Bill No. 1667, which seeks to amend the PDIC Charter by strengthening the corporation’s authority and institutional capacity to better protect depositors and promote financial stability.
The PDIC and PIA held the “PDIC 101: Understanding Deposit Insurance” press conference on Aug. 5 at the PIA office in Quezon City as part of their continuing partnership to promote public awareness and financial literacy. PR
