PDIC goes to Cebu for the Visayas run of “PDIC 101” learning series

CEBU CITY— The Philippine Deposit Insurance Corporation (PDIC) conducted a learning, briefing series dubbed as “PDIC 101: Understanding Deposit Insurance” on July 11 at Parklane International Hotel in Cebu City, as part of the Visayas run of the PDIC 101 following the Luzon leg that was held in Naga City in May 2025, and plans for the Mindanao run within the year.

“The PDIC 101 learning series is a collaboration activity with the Philippine Information Agency (PIA) that aims to raise awareness on deposit insurance and to equip the media with better understanding of the PDIC’s mandates and the benefits and limitations of deposit insurance,” PDIC Vice President, Corporate Affairs Group, Jose Villaret, Jr. said in his opening statement at the event.

Villaret told Cebu media that PDIC 101 is the state deposit insurer’s sustaining activity for local media to equip them with better understanding of the PDIC’s mandates to enable them to help spread this awareness through various media platforms. 

The learning series hopes to empower members of the local media with a clearer understanding of the important role that deposit insurance plays in safeguarding the public’s hard-earned savings and encouraging people to save or put their money in the bank, Villaret added.

Villaret explained that as the state deposit insurer, the PDIC protects depositors by providing coverage up to one million pesos per depositor, per bank that took effect on March 15, 2025.  PDIC also manages the Deposit Insurance Fund, the fund source for payment of deposit insurance in the event of bank closures as ordered by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP). 

“The sustaining initiative also demystifies the PDIC and the concept of deposit insurance and clarifies the Corporation’s multifaceted roles as the state deposit insurer, co-regulator of banks, and statutory receiver of closed banks,” he added.

PDIC and PIA, since 2024 have been collaborating to enhance public access to financial information, particularly on the benefits of saving in banks and the protection provided by deposit insurance.  In its role as co-regulator of banks, the PDIC works closely with the BSP and financial regulators to reinforce financial stability, Villaret stated.

Meanwhile, when a bank is ordered closed by the BSP, the PDIC assumes responsibility as statutory receiver to administer the closed bank’s liquidation process by way of recovering assets through disposal activities and loan collections from borrowers. Liquidation aims to maximize recovery from closed banks’ assets to increase the chances that claims of closed banks’ creditors and uninsured depositors will be settled.

“Through consumer education and collaboration with partner-agencies, the PDIC continues to play a key role in protecting depositors and maintaining public confidence in the country’s financial stability,” Villaret concluded.

For more information on the PDIC and deposit insurance, the public is encouraged to visit the PDIC website at www.pdic.gov.ph and its official Facebook page at www.facebook.com/OfficialPDIC. (Photos: MBCNewman)