Philippines Raises Bank Deposits Insurance to 500,000

Philippine President Gloria Macapagal Arroyo signed into law Wednesday the amendments to the charter of the Philippine Deposit Insurance Corp. to raise the insurance coverage of bank deposits from 250,000 pesos (US$182,88) to 500,000 pesos (US$36,577).

President Arroyo said the amendments to the charter are part of reforms designed to increase protection of bank deposits and consequently increase the confidence of the public in the banking system.

In October last year, the president approved a proposal to increase the deposit insurance coverage of bank deposits to deter mass withdrawals by depositors amid the global financial crisis.

The original proposal was to increase the maximum deposit insurance coverage from 250,000 pesos to 1 million pesos (US$73,153 dollars), but the Congress trimmed the new maximum insurance coverage to 500,000 pesos.

The country's Department of Budget and Management earlier said the additional capital requested by the Philippine Deposit Insurance Corp. to cover for the increase in the maximum insurance coverage is available.

The Philippine government has raised deposits insurance to boost depositors' confidence in the country's banking system.

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