THE Philippine Deposit Insurance Corp. (PDIC) expects to disclose the new maximum deposit insurance coverage (MDIC) in the first semester of the year. PDIC President and CEO Roberto B. Tan recently told reporters that the study conducted by the PDIC to increase the MDIC has been completed.
THE Philippine Deposit Insurance Corp. expects to disclose the new maximum deposit insurance coverage in the first semester of the year.
“Probably we’ll announce it within the first half . The implementation, that will have to be studied in detail when do we start implementing it,” Tan said. He said PDIC officials are “closely coordinating with Bangko Sentral on the policy umbrella for that; that increases the leeway of banks to entice more deposits.”
He said during a crisis, all deposits should be safe and have to be made whole. This is a lesson that is based on history. The BSP chief said in the case of one country that he refused to name, the governor of the central bank of that country said he will not “save banks” affected by the crisis the country was facing at that time.
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