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Wednesday, July 24, 2024

PDIC highlights relevance of deposit insurance, vows to protect bank customers

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State-run Philippine Deposit Insurance Corp. (PDIC) said it remains steadfast in safeguarding depositors and promoting financial stability, a commitment highlighted as it leads the nationwide observance of the Depositor Protection and Awareness Week (DPAW) from June 16 to 22 in its 22nd year.

This year’s theme, “Deposit Insurance: Proteksyong Maaasahan sa Ipong Pinaghirapan” highlights the relevance of deposit insurance as a reliable protection for hard-earned savings in banks.

Deposit insurance, one of the pillars of financial stability, is part of the safety net provided by the government, through the PDIC. It assures that hard-earned deposits entrusted to banks are protected up to the maximum deposit insurance coverage (MDIC) against bank failures.

PDAI said that as the state deposit insurer, it protects depositors by providing deposit insurance up to the MDIC of P500,000 per depositor, per bank. With the deposit insurance provided by the PDIC, depositors are afforded security and peace of mind.

It said that beside individual depositor protection, deposit insurance is also critical in promoting financial stability by heightening public confidence that entices individuals to save more in banks which help grow the economy.

It also ensures that the depositing public continue to use banking services such as opening a deposit account, online banking, cash transfer, bills payment and loans without the fear of losing their savings and helps ensure banks adhere to risk management standards which lead to a stable banking system.

Presidential Proclamation No. 358, issued in April 2003, declared the annual observance of DPAW, an initiative that supports the government’s pursuit of sustainable economic development and aims to bolster the stability of the banking system by fostering confidence in the banking system.

PDIC encouraged banks and its partner institutions to assist in promoting the 22nd DPAW by displaying information and communication materials on their premises, websites, and digital platforms such as social media accounts throughout the week-long observation.

It also asked banks to display the 22nd DPAW digital banner and other digital materials on their ATMs and information monitors in head offices and branches.

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