PDIC pursues legislative reforms to strengthen PH deposit insurance system

Following the increase in the maximum deposit insurance coverage to PHP 1 million last year, the Philippine Deposit Insurance Corporation (PDIC) announced that it is actively pursuing a comprehensive legislative agenda to modernize and strengthen the country’s deposit insurance system.

Headlining the “PDIC 101: Understanding Deposit Insurance” joint press conference of the PDIC and the Philippine Information Agency (PIA), PDIC President and CEO Roberto B. Tan outlined the proposed amendments aimed at making the deposit insurance system broader, faster, and more resilient against future economic risks.

“Last year’s increase in coverage was an important promise to depositors. This legislative agenda is how we fulfill that promise for the future — by building a deposit insurance system that is broader in coverage, faster in response, stronger in times of crisis, and worthy of public trust,” Tan said.

The proposed legislative reforms focus on key structural enhancements: (1) expansion of deposit insurance coverage to include eligible deposits in nonbank financial institutions and cooperatives; (2) provision of higher insurance coverage for accounts with high social and economic value; (3) faster payment of deposit insurance claims by streamlining the verification of deposit records and removing statutory legal hurdles; (4) authority to implement a temporary blanket guarantee during systemic financial crises to prevent bank runs; and (5) strengthening of the PDIC’s liquidation framework and institutional capability to enhance organizational efficiency.

The corporation shared that stakeholder consultations to refine these proposals are ongoing, with a government stakeholder workshop having concluded in June 2026. Insights from the consultations will provide valuable input before the legislative amendments are finalized in the coming months.

Sen. Vicente C. Sotto III filed Senate Bill No. 1667 in January 2026, seeking to amend the PDIC charter by strengthening its authority and institutional capacity to fulfill its mandates of depositor protection and the promotion of financial stability.

The “PDIC 101” press conference was held on Aug. 5, 2026, at the PIA office in Quezon City. It was part of a sustained partnership between the PDIC and the PIA toward the agencies’ shared advocacy for an informed and empowered citizenry.