In the news: One Million Peso Deposit Insurance

In the news today (October 22, 2008), President Gloria Macapagal-Arroyo announces her support for a proposal to increase deposit insurance coverage from 250,000 pesos per depositor to 1,000,000 pesos!

I hope this pushes through! This can definitely boost up savings and time deposit accounts (^o^)v

By the way, the deposit insurance coverage is on a per bank per depositor basis and not on a per branch basis. So if you have multiple accounts in different branches of the same bank, technically, you are still only covered upto P250,000 (by PDIC). (Nothing still beats knowing the manager and the personnel in the banks.)

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  1. Very informative. Nice blog.
    My Credit Card Blog

    on October 24, 2008 at 12:11 AM