PDIC considers raising insurance coverage from P500K to P800K

PDIC President Roberto B. Tan announced that the agency is considering raising the maximum insurance coverage from P500,000 to adjust for inflation and help banks attract more funds.

Tan noted that a study has been completed, and the board will discuss its results with an announcement expected in the first half of 2025.

The current deposit insurance ceiling was increased from P250,000 to P500,000 in 2009 under the PDIC charter, which allows for adjustments based on inflation and economic indicators without needing new legislation.

Bankers Association of the Philippines President Jose Teodoro K. Limcaoco also stressed the need to adjust deposit insurance coverage due to inflation's impact on its value.

Tan assured that despite remitting P107.23 billion to the Bureau of Treasury, the PDIC’s Deposit Insurance Fund remains at around P250 billion and is more than sufficient to cover potential risks.