Maximum deposit insurance coverage by PDIC raised to P1M

The maximum deposit insurance coverage provided by the Philippine Deposit Insurance Corporation (PDIC) has been increased to P1 million per depositor, per bank.

In an advisory issued Friday, the PDIC said the increase from P500,000 to P1 million would be effective on March 15, 2025.

Upon the effectivity of the new MDIC, the banks shall prominently display the new Official PDIC Digital Decal on its official website, official social media pages, digital channels, mobile applications, ATMs and other similar machines, as well as 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."

They are also enjoined to display the attached Notice to Depositors on the new MDIC in place of the old decals and standees. — Anna Felicia Bajo/RSJ, GMA Integrated News