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Legislative reforms for a stronger deposit insurance system. The Philippine Deposit Insurance Corporation (PDIC) is pursuing legislative reforms to amend its Charter and ensure a deposit insurance system that is broader in coverage, faster in response, stronger in times of crisis, and worthy of public trust. This was shared by PDIC President and CEO Roberto B. Tan (inset and 2nd from left) as he led the “PDIC 101: Understanding Deposit Insurance”, a joint press conference of the PDIC and the Philippine Information Agency (PIA) on August 5, 2026. Also in photo are (L-R): PIA Division Chief Darrel Winthrop G. Torres (Program Management Division), PDIC General Counsel Maria Antonette I. Brillantes-Bolivar, and PDIC Vice President Jose G. Villaret, Jr. (Corporate Affairs Group).

Following the increase of the maximum deposit insurance coverage to P1 million last year, the Philippine Deposit Insurance Corporation (PDIC) announced that it is actively pursuing a comprehensive legislative agenda to modernize and strengthen the country’s deposit insurance system.

Headlining the “PDIC 101: Understanding Deposit Insurance” joint press conference of the PDIC and the Philippine Information Agency (PIA), PDIC President and CEO Roberto B. Tan outlined the proposed amendments aimed at making the deposit insurance system broader, faster, and more resilient against future economic risks.

“Last year’s increase in coverage was an important promise to depositors. This legislative agenda is how we fulfill that promise for the future – by building a deposit insurance system that is broader in coverage, faster in response, stronger in times of crisis, and worthy of public trust,” President Tan said.

The proposed legislative reforms focus on key structural enhancements: (1) expansion of deposit insurance coverage to include eligible deposits in non-bank financial institutions and cooperatives; (2) provision of higher insurance coverage for accounts with high social and economic value; (3) faster payment of deposit insurance claims by streamlining the verification of deposit records and removing statutory legal hurdles; (4) authority to implement a temporary blanket guarantee during systemic financial crises to prevent bank runs; and (5) strengthening of the PDIC's liquidation framework and institutional capability to enhance organizational efficiency.

The Corporation shared that stakeholder consultations to refine these proposals are ongoing with a government stakeholder workshop concluded in June 2026. Insights from the consultations will be valuable inputs before finalizing the legislative amendments in the coming months.

Senator Vicente C. Sotto III had earlier filed in January 2026 Senate Bill No. 1667 that seeks to amend the PDIC Charter by strengthening its authorities and institutional capacities to fulfill its mandates of depositor protection and promotion of financial stability.

The “PDIC 101” press conference was held on August 5, 2026 at the PIA office in Quezon City. This is part of a sustained partnership between PDIC and PIA towards the agencies’ mutual advocacy of an informed and empowered citizenry.

The Philippine Deposit Insurance Corporation (PDIC) was established on 22 June 1963 by Republic Act 3591 to protect depositors and help maintain stability in the financial system. The PDIC is an attached agency of the Bangko Sentral ng Pilipinas and a member of the Financial Sector Forum, the Financial Stability Coordination Council, and the Financial Inclusion Steering Committee. PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.

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