The Philippine Deposit Insurance Corporation (PDIC) has announced that starting March 15, 2025, the maximum deposit insurance coverage (MDIC) will increase to P1 million per depositor, per bank.
In a Facebook post, this move to increase the deposit insurance coverage from P500,000 to P1 million was approved by the PDIC Board of Directors to “provide enhanced protection and more confidence for the depositing public.”
The increase is said to be inline with what the PDIC Charter believes to be an adjustment “indexed to inflation or in consideration of other economic indicators as it deems appropriate,” as governed by Republic Act No. 3591.
The PDIC Charter also provides that the MDIC is up for review every three years.