PDIC increases maximum coverage of depositors
In the last few days, talks have circulated that a proposal is being pushed to increase the coverage of Philippine Deposit Insurance Commission from PhP250,000 to PhP500,000 for bank depositors. The proposal is much welcomed (and appreciated) by millions of Filipino bank depositors, many of whom still prefer to keep their cash in the banks rather than invest it someplace else.
The good news is, President Gloria Macapagal-Arroyo has approved the increase of deposit insurance. But rather than increasing it to the original proposal of PhP500,000, PGMA wants to up it to PhP1 million. How nice is that, huh!
The slightly-not-so-good news is that we don’t know when this will take effect. According to Press Secretary Jesus Dureza, the increase would require accompanying legislation.
Paki-katok na lang ang mga mambabatas natin.