PDIC coverage up P250,000
The good news: Now, your bank deposit is insured for up to P250,000 from the previous P100,000 by the Philippine Deposit Insurance Corp. (PDIC).
This now fully covers 96% of total deposit accounts or about 24.9 million depositors, the state-run firm said.
The bad news: The new law, R.A. 9302, covers the sum of all accounts that a depositor has in one bank. Unlike before when you can split your money into chunks of P100,000 per account, this time, you're only insured up to P250,000 only for all your accounts.
