Senators want higher bank deposit insurance

Senators Edgardo Angara, Manuel Roxas II and Francis Escudero are pushing for an increase in the maximum bankdeposit insurance from 250,000 to 500,000 pesos by the Philippine Deposit Insurance Corp. (PDIC).

This is to to help strengthen and restore confidence in the country’s banking system, three senators are pushing for an increase in the maximum deposit insurance from P250,000 to P500,000.

The said bill seeks to strengthen the very foundation of the banking system and continue to foster confidence among investors and depositors. The Philippine Deposit Insurance Co. (PDIC) supports the proposal, which projects a 97.2-percent coverage of all deposit accounts in the banking system compared to 95.1 percent in the present maximum coverage.