PDIC deposits PHP107.23B into Treasury, supports economic growth

The Philippine Deposit Insurance Corporation (PDIC) has deposited PHP107.23 billion into the Bureau of Treasury, assuring that its deposit insurance fund remains adequate.

PDIC president Roberto Tan stated in a press release that after the remittance, the DIF continues to be maintained within the target level set by its Board of Directors based on international best practices and is sufficient to cover risks in the banking system.

The PDIC's remittance will support priority government projects including infrastructure and social services programs as well as foreign-assisted projects like the Panay-Guimaras-Negros Island Bridges, driving economic growth and reducing poverty.

Following the remittance, the DIF now stands at PHP202.85 billion or 5.8 percent of the country's estimated insured deposits, consistent with international standards set by the International Association of Deposit Insurers (IADI).

The PDIC’s move is in line with the General Appropriations Act of 2024 and the opinion of the Office of the Government Corporate Counsel (OGCC), aiming to spur economic activities, generate employment, and boost incomes while reducing poverty.

Additionally, the PDIC plans to increase the maximum deposit insurance coverage from its current limit of PHP500,000 in response to inflation and to enhance financial security for depositors within the first half of 2025.