MANILA — The Philippine Deposit Insurance Corporation (PDIC) is pursuing legislative reforms to expand deposit insurance coverage, speed up the payment of claims, and strengthen its ability to respond to financial crises.

PDIC President and CEO Roberto B. Tan said the proposed amendments to the agency’s charter seek to modernize the country’s deposit insurance system following the increase in the maximum deposit insurance coverage (MDIC) to PHP1 million per depositor, per bank last year.

“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.

The proposed reforms include expanding deposit insurance coverage to eligible deposits held in non-bank financial institutions and cooperatives, as well as providing higher coverage for accounts considered to have high social and economic value.

The PDIC also seeks authority to expedite the payment of deposit insurance claims by streamlining the verification of deposit records and removing statutory legal hurdles that could delay payouts.

Another proposed measure would authorize the PDIC to implement a temporary blanket guarantee during systemic financial crises to help prevent bank runs.

The legislative agenda also includes measures to strengthen the PDIC’s bank liquidation framework and institutional capabilities to improve organizational efficiency.

The proposed amendments are still being refined through consultations with stakeholders. The PDIC said a government stakeholder workshop was completed in June 2026, with the inputs expected to help finalize the legislative proposals in the coming months.

Senator Vicente C. Sotto III earlier filed Senate Bill No. 1667 in January 2026, seeking amendments to the PDIC Charter to strengthen the corporation’s powers and institutional capacity in carrying out its mandates of protecting depositors and promoting financial stability.

The reforms were discussed during the “PDIC 101: Understanding Deposit Insurance” joint press conference of the PDIC and the Philippine Information Agency on Aug. 5, 2026, at the PIA office in Quezon City.

The event formed part of the agencies’ continuing partnership to promote public awareness and understanding of deposit insurance.