The Philippine Deposit Insurance Corporation (PDIC) has announced an increase in the Maximum Deposit Insurance Coverage (MDIC) to ₱1 million ($17,000) per depositor, per bank, effective March 15.
Previously, the MDIC stood at ₱500,000 ($8,630.44). As part of the update, banks are required to update their materials to reflect the new coverage amount.
Starting February 28, banks will have access to the updated PDIC Digital Decal, which they must prominently display on their websites, social media platforms, mobile apps, ATMs, and advertisements once the new coverage takes effect.
Additionally, banks must revise their deposit product promotions to include the updated insurance statement: “Deposits are insured by PDIC up to P1 Million per depositor.” Existing decals and standees must also be replaced with the updated official notice reflecting the new coverage limit.
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