Deposit insurance levels on par with international standards amid idle funds transfer, PDIC chief assures
MANILA, Philippines — The country’s deposit insurance levels are consistent with international standards even after the Philippine Deposit Insurance Corporation (PDIC) remitted its idle funds to the Bureau of Treasury (BTr) in support of government-wide efforts to boost the economy by funding the national government’s priority projects.
“We assure the public that after the remittance, the Deposit Insurance Fund (DIF) of the PDIC remains adequate to cover risks in the banking system and that the PDIC is still capable of delivering its services effectively, in case of insurance calls,” PDIC president Roberto Tan said.
"The DIF continues to be maintained within the target level set by its Board of Directors based on international best practices,” he added.
The PDIC remitted P107.23 billion in compliance with the Congressional mandate under the General Appropriations Act of 2024 and strictly in accordance with the opinion rendered by the Office of the Government Corporate Counsel.
PDIC’s multibillion-peso remittance to the national government went to projects aimed at spurring economic activities, which are envisioned to lead to higher deposits in banks and growth of financial institutions to provide more financial products and services to Filipinos nationwide.
These include major infrastructure and social programs such as the maintenance, repair and rehabilitation of major infrastructure facilities; the Protective Services for Individuals and Families in Difficult Circumstances/Assistance to Individuals in Crisis Situations; the Philippine Food Stamp Program; and various projects to advance the government’s disaster-related infrastructure projects; and rural electrification efforts through the Financial Subsidy for the Purchase of Photovoltaic Mainstreaming (Solar Home System).
Additionally, the unutilized funds were used to support counterpart financing for foreign-assisted projects, including the Panay-Guimaras-Negros Island Bridges; the Metro Manila Subway Project; the Philippine Multi-Sectoral Nutrition Project; the Mindanao Inclusive Agriculture Development Project; the Cebu-Mactan Bridge and Coastal Road Construction Project; the North-South Commuter Railway