The Philippine Deposit Insurance Corporation (PDIC) president assures that the Deposit Insurance Fund (DIF) remains robust despite a significant remittance to the Bureau of the Treasury (BTr).
The deposit insurance fund (DIF) of the banking system is 'in good shape,' providing adequate protection for depositors despite a hefty remittance to the Bureau of the Treasury (BTr), Philippine Deposit Insurance Corp. (PDIC) president Robert Tan told reporters at the sidelines of the Annual Reception for the Banking Community on Friday.The DIF is the fund source for deposit insurance payouts to bank clients and financial assistance to banks during emergencies.
'The adequacy is more than what the directors targeted. So, it's in good shape. I don't think there's anything to be alarmed about,' Tan said, adding that 'the banking system is very healthy based on financial indicators.'Recently the PDIC remitted P107.23 billion to BTr in compliance with a congressional mandate under the General Appropriations Act of 2024, and in accordance with an opinion from the Office of the Government Corporate Counsel (OGCC).With a reserve fund exceeding P250 billion, the DIF is considered more than sufficient to cover potential contingencies, Tan noted. 'It is based on a methodology that we're following.... Our targets are based on the methodology. And we're adjusting, we're moving to another methodology,' Tan explained.He also clarified that PDIC has no additional excess funds available for remittance this year, aside from dividends at year end. The Department of Finance (DOF) said the PDIC's remittance to the BTr supported key infrastructure and social initiatives, including the maintenance, repair and rehabilitation of major infrastructure facilities. 'These projects are envisioned to drive economic growth by generating employment, boosting incomes, and reducing poverty, creating a positive multiplier for society,' DOF said in a statement. 'The national government assures depositors and other stakeholders of the PDIC that this remittance does not compromise the soundness of the DIF which the Corporation prudently manages.
DEPOSIT INSURANCE BANKING SYSTEM REMITTANCE RESERVE FUND FINANCIAL INDICATORS
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