PDIC Raises Deposit Insurance Coverage to ₱1 Million

The Philippine Deposit Insurance Corporation (PDIC) has increased the maximum deposit insurance coverage (MDIC) from ₱500,000 to ₱1 million per depositor, per bank.

This adjustment will take effect on March 15, 2025.

Key Updates for Banks and Depositors:

• Banks must prominently display the new PDIC Digital Decal on their websites, social media pages, mobile apps, ATMs, and advertisements.
• The updated insurance statement must read:
  “Deposits are insured by PDIC up to ₱1 Million per depositor.”
• Banks must also replace old PDIC decals and notices with updated information for depositors.

The increase aims to strengthen depositor protection and boost public confidence in the banking system.