Consumer protection through deposit insurance. The Philippine Deposit Insurance Corporation (PDIC) and the Department of Trade and Industry (DTI) recently collaborated for a consumer learning session for DTI employees and the public to promote the importance of saving in banks to protect one’s future. PDIC Vice President Jose G. Villaret, Jr. (Corporate Affairs Group) served as resource person during the DTI’s Consumer Care Webinar Series held on April 30, 2025, where he discussed the topic, “Empowering your Financial Security: PDIC’s New Maximum Deposit Insurance Coverage.” Mr. Villaret highlighted the enhanced protection provided by PDIC through the increased maximum deposit insurance coverage of P1 million per depositor, per bank, which was effective since March 15, 2025. Using the mnemonic “PDIC”, Mr. Villaret also emphasized the benefits of saving one’s hard-earned money in banks, as follows: Protection through the deposit insurance provided by PDIC; Depositor-friendly through the different ways of accessing one’s deposits in banks; Interoperability by enabling depositors to conveniently pay bills, purchase items, or transfer funds; and Confidence in knowing that through deposits saved in banks, funds are readily available when needed and future goals can also be funded. Aside from its mandates as the state deposit insurer, co-regulator of banks, and receiver of closed banks, the PDIC is also an advocate of financial inclusion and financial literacy. Hence, it regularly collaborates with partner-agencies such as the DTI to instill the values of wise saving and responsible banking among different stakeholder groups. For more information on the PDIC and its mandates and advocacies, visit www.pdic.gov.ph or www.facebook.com/OfficialPDIC.
(PDIC)
