NEWS/PRESS RELEASE
PR-043-19
Date of Release: June 27, 2019
FOR IMMEDIATE RELEASE

Results of the nationwide Public Awareness Survey conducted by Kantar Philippines, Inc. for the Philippine Deposit Insurance Corporation (PDIC) showed significant preference among the unbanked sector to put their savings in banks if resources are made available to them. This likewise reflects the public’s continued trust in the security provided by banking institutions. The survey was conducted early this year and covered 1,500 respondents aged 18 and above.

The survey aimed, among others, to measure the respondents’ banking behavior as well as their level of awareness on deposit insurance, which will help PDIC develop and implement responsive communication programs to promote saving and enhance depositor protection.

Results showed that 51% of the respondents had experience in maintaining deposits in banks, but only half of them (24.5%) currently maintain bank deposits. This indicates that half of the respondents surveyed are unbanked, having had no banking experience at all, majority of whom said they would save in banks if they had extra money to save. This was voiced by the younger population aged 18-29 who reside in urban areas, reflecting the potential for savings mobilization among the youth.

Lack of enough money to save was cited as the main reason for not saving in banks. Respondents also found keeping money at home convenient and accessible. There were also those who shy away from banks because they found banking transactions too complicated.

“PDIC will continue to work with financial regulators and the banking community to encourage more people to save, to promote the value of saving in banks so they can benefit from the protection provided by deposit insurance, and to help in making saving in banks accessible and less difficult for potential depositors,” PDIC President Roberto B. Tan said.

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

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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 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