Feature

New maximum deposit insurance coverage of P1 Million strengthens depositor protection

New maximum deposit insurance coverage of P1 Million strengthens depositor protection
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The recent announcement of the Philippine Deposit Insurance Corporation (PDIC) on the  adjustment of the Maximum Deposit Insurance Coverage (MDIC) to P1 million per  depositor, per bank, highlights the National Government's proactive commitment to  enhancing the financial safety net system. This strategic move ensures enhanced protection for depositors, reinforces trust in banking institutions and promotes a more  robust and resilient financial system. 

Deposit insurance is a key pillar of financial stability. 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. Aligned with current economic  conditions, the new MDIC amount gives Filipinos greater confidence to continue saving in  banks to secure their future. This also signifies good prospects for the development of the  broader economy,”
said PDIC President and Chief executive officer Roberto B. Tan

The adjustment in the MDIC to P1 million is to update the deposit protection provided by  PDIC when the MDIC was last adjusted to P500,000 in 2009.  

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