The Philippine Deposit Insurance Corporation, which historically adjusted the maximum insured deposit four times since its charter in 1963, has doubled the insured amount to P1 million. The doubling, PDIC chief Roberto Tan said, takes effect beginning 15 March this year.
The adjustment is a confidence building measure designed to optimize depositor faith in the integrity and stability of the banking system whose aggregate balance sheet total P1.19 trillion as at end-December 2024, from P1.18 trillion a month earlier.
The banks’ balance sheet averaged P964.74 billion from 1999 until last year and was highest at P1.564 trillion in September 2022. It reached a nadir of only P459.52 billion in September 1999, based on BSP data.
Prior to the announced adjustment, the PDIC raised the maximum insurance deposit from P10,000 to P15,000 in 1978, then to P40,000 in 1984, subsequently to P100,000 in 1992 and to P250,000 in 2004.
