PDIC pays P281.5M in deposit insurance to 7,482 accounts

The Philippine Deposit Insurance Corporation (PDIC) paid out a total of P281.5 million in deposit insurance to the insured depositors of three banks ordered closed by the Bangko Sentral ng Pilipinas (BSP) last year.

Payments were made for 7,482 deposit accounts, representing 94% of the total insured deposits of P298.6 million and 81% of the total number of accounts in these banks.

Depositors with balances up to P500,000 received payments without filing claims, with most receiving their funds within two weeks after PDIC took over the banks.

Payments for depositors required to file claims amounted to P154.7 million and were settled within 18 to 27 working days.

All payouts last year were charged against the Deposit Insurance Fund (DIF), which stood at P236.95 billion as of end-2024.