The remittance of the Philippine Deposit Insurance Corporation (PDIC) to the Bureau of the Treasury (BTr) supports the government-wide efforts to boost the economy through its contribution to funding the national government’s priority projects.
These projects will spur more economic activities that are expected to lead to higher deposits in banks and the growth of financial institutions to provide more financial products and services to Filipinos nationwide.
The PDIC remitted PHP 107.23 billion in compliance with the Congressional mandate under the General Appropriations Act of 2024 and strictly in accordance with the Opinion rendered by the Office of the Government Corporate Counsel (OGCC).
“We assure the public that after the remittance, the Deposit Insurance Fund (DIF) of the PDIC remains adequate to cover risks in the banking system and that the PDIC is still capable of delivering its services effectively, in case of insurance calls,” PDIC President Roberto B. Tan said.
“The DIF continues to be maintained within the target level set by its Board of Directors based on international best practices,” he added.
The remittance has significantly contributed to funding major infrastructure and social programs, such as the maintenance, repair, and rehabilitation of major infrastructure facilities; the Protective Services for Individuals and Families in Difficult Circumstances/Assistance to Individuals in Crisis Situations; the Philippine Food Stamp Program; and various projects to advance the government’s disaster-related infrastructure projects; and rural electrification efforts through the Financial Subsidy for the Purchase of Photovoltaic Mainstreaming (Solar Home System).
Additionally, the funds have supported counterpart financing for foreign-assisted projects, including the Panay-Guimaras-Negros Island Bridges; the Metro Manila Subway Project; the Philippine Multi-Sectoral Nutrition Project; the Mindanao Inclusive Agriculture Development Project; the Cebu-Mactan Bridge and Coastal Road Construction Project; the North-South Commuter Railway System; the Support to Parcelization of Lands for Individual Titling Project; the Teacher Effectiveness and Competencies Enhancement Project; and the Philippine Fisheries and Coastal Resiliency Project, among others.
These projects are envisioned to drive economic growth by generating employment, boosting incomes, and reducing poverty, creating a positive multiplier for society.
The national government assures the depositors and other stakeholders of the PDIC that this remittance does not compromise the soundness of the DIF which the Corporation prudently manages.
The PDIC remains steadfast in its commitment to safeguarding the trust and confidence of the depositing public.
