The Philippine Deposit Insurance Corporation (PDIC) is set to raise its maximum deposit insurance coverage for bank deposits in 2025. Currently, the PDIC provides coverage of up to $8,522.32 (₱500,000).
The PDIC assured that its Deposit Insurance Fund (DIF) remains sufficient to manage potential risks in the banking sector. However, the increase in coverage is primarily driven by the need to adjust for the country’s inflation.
Recent data from the Philippine Statistics Authority (PSA) revealed that the full-year 2024 inflation rate stands at 3.2%, a decrease from 6.0% in 2023.
(Note: Exchange rate is ₱58.67 to $1.00.)
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