The Philippine Deposit Insurance Corporation (PDIC) is set to double the Maximum Deposit Insurance Coverage (MDIC) to P1 million per depositor, per bank, effective March 15, 2025.
The increase from the current P500,000 marks the first adjustment since 2009 and strengthens PDIC’s commitment to protecting depositors.
The PDIC Board of Directors approved the increase as part of its mandate to enhance financial stability and strengthen the safety net for depositors. The adjustment aligns with Republic Act No. 3591, as amended (PDIC Charter), which authorizes the board to revise the MDIC based on inflation and other economic indicators. The law also mandates a review of the coverage every three years.
“Deposit insurance is a government policy and a financial safety net to protect depositors and help promote financial stability. Depositors do not pay for deposit insurance,” PDIC stated on its website.
To implement the change, banks must update their public disclosures. Starting February 28, they are required to download the new Official PDIC Digital Decal and prominently display it on their websites, social media pages, digital platforms, mobile apps, ATMs, and other customer touchpoints.
All deposit-related advertisements must also reflect the revised insurance statement: “Deposits are insured by PDIC up to P1 million per depositor.”
Additionally, banks must replace existing decals and standees with the new Notice to Depositors to inform clients about the updated coverage.
PDIC president and chief executive Roberto B. Tan emphasized the importance of the increase, reinforcing the corporation’s role in safeguarding public confidence in the banking system.