PDIC president and CEO Roberto B. Tan said the proposed legislative reforms aim to make deposit insurance broader in coverage, faster in responding to bank closures and more resilient during financial crises.
"Last year's increase in coverage was an important promise to depositors. This legislative agenda is how we fulfill that promise for the future—by building a deposit insurance system that is broader in coverage, faster in response, stronger in times of crisis, and worthy of public trust," Tan said during the "PDIC 101: Understanding Deposit Insurance" press conference jointly organized with the Philippine Information Agency (PIA).
Five key reforms
The proposed amendments seek to strengthen the country's deposit insurance framework through five major reforms.
These include expanding deposit insurance coverage to eligible deposits in non-bank financial institutions and cooperatives, and providing higher insurance protection for accounts with significant social and economic value.
The PDIC also wants to speed up the payment of deposit insurance claims by streamlining the verification of deposit records and removing statutory legal hurdles.
In addition, the state insurer is seeking authority to implement a temporary blanket guarantee during systemic financial crises to help prevent bank runs, while strengthening its liquidation framework and institutional capabilities to improve organizational efficiency.
Stakeholder consultations underway
The PDIC said consultations with stakeholders are ongoing to refine the proposed amendments.
A government stakeholder workshop was completed in June 2026, and the agency said the feedback gathered will help shape the final legislative proposals in the coming months.
Senate bill filed
The legislative push comes as Senator Vicente C. Sotto III filed Senate Bill No. 1667 in January 2026, which seeks to amend the PDIC Charter by strengthening the corporation's authorities and institutional capacity to better protect depositors and promote financial stability.
The "PDIC 101: Understanding Deposit Insurance" press conference was held on Aug. 5 at the PIA office in Quezon City as part of the agencies' continuing partnership to promote public awareness of deposit insurance. —Ed: Corrie S. Narisma
