The Philippine Deposit Insurance Corporation (PDIC), in collaboration with the Philippine Information Agency (PIA) Davao Regional Office, conducted the third regional run for 2025 of “PDIC 101: Understanding Deposit Insurance”, a sustaining media education initiative that empowers members of the local media with better understanding of the PDIC’s mandates and the importance of deposit insurance in the financial well-being of Filipinos.
By equipping media with this information, they can, in turn, serve as agents of information to help spread this awareness to more people through their respective platforms and networks.PDIC 101 aims to also promote greater public awareness on PDIC and the concept of deposit insurance. By increasing public awareness, the PDIC is optimistic that depositor confidence in the country’s financial system will likewise be further enhanced. By providing media a venue to raise their questions and clarifications, the PDIC 101 also demystifies PDIC and the concept of deposit insurance. It likewise clarifies the PDIC’s multifaceted roles as the state deposit insurer, co-regulator of banks, and statutory receiver of closed banks.
PDIC Vice President Jose G. Villaret, Jr. (Corporate Affairs Group) facilitated the PDIC 101 through an engaging discussion and dialogue with Davao media personnel representing various television, radio, print, and online media networks. VP Villaret underscored the PDIC’s core functions and highlighted the enhanced protection provided by PDIC through the new maximum deposit insurance coverage (MDIC) of P1 million per depositor, per bank, which took effect on March 15, 2025.
As the state deposit insurer, the PDIC protects depositors by providing coverage up to P1 million per depositor, per bank. It also manages the Deposit Insurance Fund, the fund source for payment of deposit insurance in the event of bank closures as ordered by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).
In its role as co-regulator of banks, the PDIC works closely with the BSP and financial regulators to reinforce financial stability in the country. The PDIC, as authorized by its Charter, also issues rules and regulations that banks should comply with to protect the deposit insurance system and the depositing public.
Meanwhile, when a bank is ordered closed by the BSP, the PDIC assumes responsibility as statutory receiver to administer the closed bank’s liquidation process by way of recovering assets through disposal activities and loan collections from borrowers. Liquidation aims to maximize recovery from closed banks’ assets to increase the chances that claims of closed banks’ creditors and uninsured depositors will be settled.
Since 2024, the PDIC and PIA have been collaborating to enhance public access to financial information, particularly on the benefits of saving in banks and the protection provided by deposit insurance. This is also aligned with the government’s thrust for financial inclusion. Through its extensive nationwide network, the PIA helps the PDIC reach more audiences to help them make informed financial decisions. Through consumer education and collaboration with partner-agencies like the PIA, the PDIC continues to play a key role in protecting depositors and maintaining public confidence in the country’s financial stability.
The latest PDIC 101 marks the third conduct in 2025, following the pilot run for the year held in Naga City in May 2025, followed by the Visayas run in Cebu City in July 2025. For more information on the PDIC and deposit insurance, the public is encouraged to visit the PDIC website, www.pdic.gov.ph and its official Facebook page, www.facebook.com/OfficialPDIC. (PDIC)
