State-run Philippine Deposit Insurance Corp. (PDIC) said over the weekend its Deposit Insurance Fund (DIF) remains adequate despite the remittance of P107.23 billion to the Bureau of Treasury (BTr) in compliance with the 2024 General Appropriations Act.
“The Deposit Insurance Fund of the Philippine Deposit Insurance Corp. is more than adequate to cover risks in the banking system,” PDIC president Roberto Tan said in a statement.
PDIC also said it would announce a higher deposit insurance coverage for deposits in banks in 2025. “We assure the public that the PDIC is committed to the protection of the depositors and promotion of financial stability,” it said.
PDIC said the remittance supports government-wide efforts to boost the economy by funding critical infrastructure and social programs.
“The DIF continues to be maintained within the target level set by its board of directors based on international best practices,” he said.
The remittance contributed to funding 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).
It said the funds supported 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 System; the Support to Parcelization of Lands for Individual Titling Project; the Teacher Effectiveness and Competencies Enhancement Project; and the Philippine Fisheries and Coastal Resiliency Project, among others.
The projects are envisioned to drive economic growth by generating employment, boosting incomes, and reducing poverty, creating a positive multiplier for society.
The national government assures the depositors and other stakeholders of the PDIC that this remittance does not compromise the soundness of the DIF which the Corporation prudently manages.
The PDIC said remains steadfast in its commitment to safeguarding the trust and confidence of the depositing public.
