NEWS/PRESS RELEASE
PR-044-19
Date of Release: June 24, 2019
FOR IMMEDIATE RELEASE

A nationwide survey showed that the Philippine Deposit Insurance Corporation (PDIC) is perceived by the public as an organization that can be trusted and is committed to the development and welfare of the nation. Respondents who have accounts in banks also tended to have a more positive perception about PDIC.

The Public Awareness Survey, completed in the first quarter of the year, surveyed 1,500 respondents aged 18 and above nationwide. It was undertaken by Kantar Philippines, Inc. for the PDIC to help benchmark the level of public awareness on the state deposit insurer and deposit insurance.

Although a quarter of the respondents, corresponding to 26%, are aware of a government agency that provides depositor protection, over half of those who were aware (60%) knew that PDIC is the agency that insures bank deposits. The survey also showed that banks and television are the top sources of awareness on PDIC and deposit insurance.

“We see this as an opportune time for us at PDIC to step up our public awareness campaign and make it more directed, responsive and purposive to reach more stakeholders and educate them about the benefits of deposit insurance so they will be more confident about saving in banks,” PDIC President Roberto B. Tan said regarding results of the survey.

As the state deposit insurer, PDIC is mandated to safeguard the interests of the depositing public by way of providing insurance coverage on all types of deposits, managing the risks to the deposit insurance system, and helping maintain a sound and stable banking system. In case of bank closures, PDIC is designated as liquidator of closed banks and disposes of closed banks’ assets to help increase the chances of recovery of claims of closed banks’ creditors.

PDIC likewise advocates for depositor education and financial literacy through its Be a Wise Saver (BAWS) campaign for students, private and public sector personnel, and members of the financially vulnerable sectors.

Kantar Philippines, Inc., established in 1980, is the country’s largest research market agency specializing in data, insight and consultancy services.

* * * * *

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 deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PhP500,000 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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC