Philippine deposit insurer raises maximum coverage to P1m

Previously, the MDIC amount was $8,630.44 (₱500,000).

The Philippine Deposit Insurance Corporation (PDIC) will increase the Maximum Deposit Insurance Coverage (MDIC) to $17k (₱1m) per depositor, per bank, beginning 15 March.

Previously, the MDIC amount was $8,630.44 (₱500,000).

Banks are required to update their materials to reflect the new coverage. Starting 28 February, they can download the updated Official PDIC Digital Decal. 

Once the new MDIC takes effect, banks must prominently display the decal on their websites, social media pages, digital channels, mobile applications, ATMs, and advertisements. 

They must also update their deposit product promotions with the revised insurance statement: “Deposits are insured by PDIC up to P1 Million per depositor.”  

Banks must also replace old decals and standees with the official notice to depositors reflecting the updated coverage.