MANILA — Nearly 99% of deposit accounts in the Philippine banking system are now fully protected by deposit insurance, following the increase in the maximum deposit insurance coverage (MDIC) to P1 million per depositor per bank, the Philippine Deposit Insurance Corporation (PDIC) said.

As of end-June 2026, 98.9% of the country’s 190.9 million deposit accounts were within the insurance coverage limit, according to PDIC Vice President Jose G. Villaret Jr. of the Corporate Affairs Group.

The number of deposit accounts increased by 20.4% from 158.5 million recorded in the same period in 2025.

Villaret shared the figures during the PDIC’s “PDIC 101: Understanding Deposit Insurance” media education session in Surigao City, Surigao del Norte, on November 13.

The initiative, conducted in partnership with the Philippine Information Agency (PIA), aims to educate local media about the agency’s responsibilities as the country’s state deposit insurer, co-regulator of banks, and receiver of closed banks.

While nearly all deposit accounts are fully insured, the amount covered represents a smaller share of the banking system’s total deposits.

PDIC reported that total bank deposits reached P22.2 trillion as of end-June 2026, up 7.8% from P20.6 trillion a year earlier. Of this amount, 24.3% were fully covered under the current MDIC, within the globally accepted benchmark of 20% to 30% of total deposits.

The insurance limit was raised to P1 million per depositor per bank in March 2025 to strengthen protection for bank depositors.

The PDIC also reported growth in deposits across the Caraga region and Surigao del Norte between June 2025 and June 2026.

In Region XIII, the number of deposit accounts rose by 7.5% to 1.4 million from 1.3 million, while the total value of deposits increased by 11.6% to P162.3 billion from P145.5 billion.

Surigao del Norte likewise recorded an 11.9% increase in total deposits, reaching P37.7 billion from P33.7 billion during the same period.

The PDIC said its partnership with the PIA, which began in 2024, seeks to expand public access to financial information and encourage informed decisions about saving in banks.

The Surigao City session completed this year’s nationwide media education initiative, following earlier activities for national media in Quezon City in August, the Visayas in Tagbilaran City, Bohol, on September 10, and Luzon in Balanga City, Bataan, on October 9.

The public may access information about deposit insurance through the PDIC website at www.pdic.gov.ph and its official Facebook page.