The Philippine Deposit Insurance Corporation (PDIC) rolled out the regional conduct of its “PDIC 101: Understanding Deposit Insurance”, a media education initiative to promote awareness on the important role of deposit insurance in the country’s financial system. The regional conduct is a sequel to the PDIC 101’s successful pilot run for the year held on June 7, 2024 in partnership with the Philippine Information Agency (PIA), which is PDIC’s partner in information dissemination to raise awareness on deposit insurance and the importance of saving in banks.
The first leg of the regional conduct of “PDIC 101” was held in Bacolod City, Negros Occidental on August 6, 2024. It served as a refresher course for members of the local media on the mandates of PDIC as deposit insurer, co-regulator of banks, and receiver of closed banks. It also acquainted the media about the PDIC’s corporate social responsibility (CSR) and advocacies for financial literacy and inclusion. Through the PDIC 101, the PDIC aims to engage the media and tap their wide network to reach more stakeholders and make the public more aware of the protection provided by PDIC through deposit insurance.
The initiative is also scheduled to be conducted in North Luzon and Mindanao for 2024.
As the state deposit insurer, the PDIC protects depositors by providing a maximum deposit insurance coverage of P500,000 per depositor per bank. It also continuously builds up the Deposit Insurance Fund (DIF), PDIC’s main fund source for deposit insurance payments through prudent fund management and investment in order to further promote depositor confidence.
As co-regulator of banks, the PDIC works closely with the BSP and other financial regulators to ensure the stability of the banking system. The Corporation also protects the deposit insurance system and investigates anomalies, fraud and irregularities in closed banks and prosecutes erring officers, employees and individuals.
As receiver of closed banks, the PDIC takes over a bank ordered closed by the Monetary Board of the BSP and administers the closed bank’s assets and affairs to proceed with the liquidation. The PDIC liquidates closed banks through the collection of loan payment from borrowers and asset disposal initiatives, proceeds of which are used to settle claims of closed banks’ creditors and uninsured depositors.
Meanwhile, in support of its CSR statement to empower every Filipino through financial literacy, the Corporation implements its multimedia public awareness campaign to promote the habit of saving in banks and securing one’s future. Since 2009, the PDIC has been implementing its Be A Wise Saver (BAWS) campaign to promote the habits of wise saving and responsible banking.
For more information on the PDIC, the public is encouraged to visit the PDIC website, www.pdic.gov.ph and its official Facebook page, www.facebook.com/OfficialPDIC.
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 by providing deposit insurance, co-regulating banks with the Bangko Sentral ng Pilipinas (BSP), and liquidating closed banks.
PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.
