Eligible deposits in cooperatives and non-bank financial institutions may be covered by government insurance under proposed amendments to the charter of the Philippine Deposit Insurance Corporation (PDIC).
PDIC President and CEO Roberto B. Tan said the proposal is part of a legislative agenda aimed at expanding the country’s deposit insurance system and strengthening its response to financial crises.
The agency is pursuing the reforms after the maximum deposit insurance coverage was increased to ₱1 million per depositor per bank in 2025.
“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,” Tan said.
He discussed the proposed amendments during the “PDIC 101: Understanding Deposit Insurance” press conference jointly held by PDIC and the Philippine Information Agency in Quezon City on August 5.
Aside from extending insurance to eligible deposits in cooperatives and non-bank financial institutions, PDIC is seeking higher coverage for accounts considered to have high social and economic value.
The agency did not specify which types of accounts would qualify for the proposed higher coverage.
The proposed reforms would also allow PDIC to speed up the payment of insurance claims by simplifying the verification of deposit records and removing legal barriers that may cause delays.
PDIC is also seeking authority to impose a temporary blanket guarantee during a systemic financial crisis. The measure is intended to prevent bank runs, which occur when many depositors withdraw their money at the same time due to fears that a bank may fail.
The legislative agenda also calls for strengthening the agency’s liquidation framework and institutional capacity.
PDIC said consultations with stakeholders are continuing. A workshop involving government stakeholders was completed in June, while the proposed amendments are expected to be finalized in the coming months.
Senate President Vicente “Tito” Sotto III filed Senate Bill No. 1667 in January 2026 seeking to amend the PDIC Charter and strengthen the agency’s authority and capacity to protect depositors and promote financial stability.
The proposals will still require congressional approval before they can take effect.
PDIC was established in 1963 under Republic Act No. 3591 to protect depositors and help maintain stability in the country’s financial system. It is an attached agency of the Bangko Sentral ng Pilipinas.
