Philippine Deposit Insurance coverage Corp. (PDIC). INQUIRER FILE PHOTO
MANILA, Philippines — Beginning tomorrow, March 15, the brand new most deposit insurance coverage protection (MDIC) of P1 million per depositor per financial institution will take impact.
The brand new MDIC — which was doubled from P500,000 beforehand — is projected to guard over 147 million deposit accounts and P5.3 trillion funds in 2025, the Philippine Deposit Insurance coverage Corp. (PDIC) mentioned at a press convention.
READ: PDIC doubles financial institution deposit insurance coverage to P1M
The legislation says the MDIC could also be adjusted “in case a situation happens that threatens the financial and monetary stability of the banking system that will have systemic penalties.” Any change of the MDIC should have the PDIC board’s unanimous vote.
Additionally, the MDIC is up for revisiting each three years and the PDIC board of administrators is allowed to extend it, if crucial, with the approval of the President.
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