PDIC: Understanding Deposit Insurance

Protect your future. Be a wise saver.

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?
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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?
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​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:
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By Deposit Type

• Savings
• Special Savings
• Demand/Checking
• Negotiable Order of Withdrawal (NOW)
• Time Deposits

​​By Deposit Account
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• Single Account
• Joing Account
• Account "By, "In Trust For" (ITF) or "For the Account of" (FAO) another person.

By Currency
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• Philippine Peso
• Foreign Currencies considered as part of BSP's International Reserves.

Bank products not covered by deposit insurance:
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• Investment products such as bonds, securities and trust accounts.
• Deposit accounts which are unfunded, fictitious or fraudulent.
• Deposit products constituting or emanating from unsafe and unsound banking practices.
• Deposits that are determined to be proceeds of an unlawful activity as defined under the Anti-Money Laundering Law.

PDIC Member Banks
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PDIC member banks include the following institutions authorized by the Bangko Sentral ng Pilipinas (BSP) to perform banking functions in the Philippines:

• Banks incorporated under Philippine laws, such as commercial banks, savings banks, mortgage banks, development banks, rural banks, and cooperative banks, and stock savings and loan associations. 
• Domestic branches of foreign banks

To know more about Deposit insurance, you can reach PDIC at:

Website: www.pdic.gov.ph
Email: [email protected]
Facebook: OfficialPDIC
Telephone Number: 8841-4141 (for those in Metro Manila)/1-800-1-888-PDIC or 1-800-7342 (for those outside Metro Manila)

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