PDIC remits P107.23B to Treasury

The Philippine Deposit Insurance Corporation has remitted P107.23 billion to the Bureau of Treasury, an amount which will support the administration's priority projects. 

On Monday, the PDIC said that the Philippines' deposit insurance levels are at par with international standards even after it remitted idle funds to the Bureau of Treasury. 

“We assure the public that after the remittance, the Deposit Insurance Fund (DIF) of the PDIC, remains adequate to cover risks in the banking system and that the PDIC is still capable of delivering its services effectively, in case of insurance calls,” PDIC president Roberto Tan said in a press release.

“The DIF continues to be maintained within the target level set by its Board of Directors based on international best practices,” he added.

The remittance was part of the government's efforts to improve the country's economy by funding the national government's priority projects, according to the PDIC.  

This was also in compliance with the congressional mandate under the General Appropriations Act of 2024 and in accordance with the opinion rendered by the Office of the Government Corporate Counsel (OGCC). 

Following the remittance of the P107.23 billion to the national government, the DIF stands at P202.85 billion or 5.8% of the country’s estimated insured deposits. 

Meanwhile, the target range ratio level set by the PDIC Board is from 5% to 8%.

The PDIC’s multi billion-peso remittance to the national government was being utilized for projects aimed at spurring economic activities. 

These include major infrastructure and social programs such as the maintenance, repair, and rehabilitation of major infrastructure facilities; the Protective Services for Individuals and Families in Difficult Circumstances/Assistance to Individuals in Crisis Situations; the Philippine Food Stamp Program; and various projects to advance the government’s disaster-related infrastructure projects; and rural electrification efforts through the Financial Subsidy for the Purchase of Photovoltaic Mainstreaming (Solar Home System).

The funds were also used to support counterpart financing for foreign-assisted projects, including the Panay-Guimaras-Negros Island Bridges; the Metro Manila Subway Project; the Philippine Multi-Sectoral Nutrition Project; the Mindanao Inclusive Agriculture Development Project; the Cebu-Mactan Bridge and Coastal Road Construction Project; the North-South Commuter Railway System; the Support to Parcelization of Lands for Individual Titling Project; the Teacher Effectiveness and Competencies Enhancement Project; and the Philippine Fisheries and Coastal Resiliency Project, among others. —Anna Felicia Bajo/AOL, GMA Integrated News