The Philippine Deposit Insurance Corporation (PDIC) and the Gawad Kalinga Community Development Foundation, Inc. (GK) recently signed a memorandum of agreement for the conduct of the Be a Wise Saver (BAWS) campaign to promote financial literacy and financial inclusion among GK communities nationwide. The agreement was signed by PDIC President Cristina Que Orbeta (2nd from left) and GK Executive Director Jose Luis M. Oquiñena (2nd from right) on December 11, 2015 at the PDIC Office in Makati City. Witnessing the signing are PDIC Vice President Jose G. Villaret, Jr. and GK Partnership Manager Vangie G. Sesma. The pursuit of financial inclusion is a major thrust of the PDIC under its Roadmap 2016 to 2020. The PDIC-GK partnership started with the conduct of benefit runs to raise funds to build houses for survivors of super typhoon Yolanda in 2013 under PDIC's corporate social responsibility program. On November 28, 2015, the houses in Sitio Malmangan, Lawaan, Eastern Samar were officially turned over to the beneficiary-families. The PDIC and GK now take their partnership further under the BAWS campaign to equip beneficiaries with the important life skill of making informed financial decisions, as well as enable them to be part of the formal financial system, anchored on the GK philosophy of leaving no one behind.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.