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Maybe you’ve already seen it on your bank application form, on your passbook, or maybe on your bank's website. In the Philippines, deposit insurance is governed by the PDIC (Philippine Deposit Insurance Corporation).
What is PDIC?
Philippine Deposit Insurance Corporation (PDIC) is a government instrumentality created in 1963 by Republic Act 3591 to provide depositor protection and promote financial stability. It is an attached agency of the Department of Finance.
The PDIC’s core mandates are deposit insurance and liquidation of closed banks.
What bank products are covered and not covered by PDIC deposit insurance?
PDIC protects depositors through deposit insurance of up to PHP 500,000 per depositor, per bank, in case a bank is ordered closed by the Bangko Sentral ng Pilipinas. PDIC insures valid deposits in domestic offices of banks.
Bank products covered by deposit insurance:
By Deposit Type
By Deposit Account
Bank products not covered by deposit insurance:
PDIC Member Banks
PDIC member banks include the following institutions authorized by the Bangko Sentral ng Pilipinas (BSP) to perform banking functions in the Philippines:
To know more about Deposit insurance, you can reach PDIC at:
Telephone Number: 8841-4141 (for those in Metro Manila)/1-800-1-888-PDIC or 1-800-7342 (for those outside Metro Manila)
For Deposit Insurance eCalculator
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.