PDIC increases maximum deposit insurance coverage to PHP 1 million

PDIC raises the highest possible insurance coverage for deposits to PHP 1 million. This will take effect next month.

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Higher safety net for depositors

The Philippine Deposit Insurance Corp. (PDIC) has announced that the maximum deposit insurance coverage will be increased to PHP 1 million per depositor, per bank.

This is an increase from the current PHP 500,000.

PDIC said the new policy will be effective March 15, 2025.

Banks were told to download the new Official PDIC Digital Decal starting 28 February 2025.

Upon effectivity of the new insurance coverage, banks were also told to display the new Official PDIC Digital Decal in its official website, official social media pages, digital channels, mobile applications, ATMs and other similar machines, and include in its general advertisements and advertisement of deposit products the new Insurance Statement: "Deposits are insured by PDIC up to P1 Million per depositor."

Banks are likewise enjoined to display the attached Notice to Depositors on the new MDIC in place of the old decals and standees.

What do you think guys?

Source: PDIC