Rappler
[In This Economy] How safe are your deposits and investments amid widespread corruption?
The Philippine Deposit Insurance Corp. (PDIC) experienced an 18 percent decrease in its total assets, amounting to P278 billion in 2024.
This significant drop in assets was primarily due to remittances totaling over P117 billion to the national government, comprising P107.2 billion under the General Appropriations Act (GAA) and P10.7 billion in dividends.
PDIC President and CEO Roberto Tan stated that these remittances are in support of the national government's fiscal strengthening initiatives and its priority programs.
The P107.2 billion remittance to the Treasury was unusual and resulted from a "cash sweep" authorized by the 2024 national budget law and at the behest of Finance Secretary Ralph Recto.
As early as July 2024, the author flagged that something was off in the Treasury's income data when PDIC remitted P30 billion in May 2024.
The PDIC's assets were partially offset by inflows such as P38 billion in assessment collections, P17.3 billion in investment income, and P2.9 billion from other sources.
The total assets decreased by P61.6 billion compared to the P339.6 billion recorded in the previous year.
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