NEWS/PRESS RELEASE
PR-038-19
Date of Release: April 30, 2019
FOR IMMEDIATE RELEASE

Data from the Philippine Deposit Insurance Corporation (PDIC) showed that total deposits in the Philippine banking system grew by 8.8% to PhP12.7 trillion as of December 31, 2018 from PhP11.7 trillion in the previous year. Total number of deposit accounts in 2018 posted a double-digit growth of 10.1% to 62.9 million from 57.1 million accounts as of end-2017.

Of the total number of accounts, 60.5 million or 96.3% are fully insured by PDIC or have balances that are within the maximum deposit insurance coverage of PhP500,000.

“The growth of deposits, both in terms of amount and number of accounts, reflects increased depositor confidence in the banking system. It is imperative to sustain the trust of the depositing public by ensuring that PDIC is able to serve through adequate insurance coverage on deposits and effective regulation for sound deposit practices and operations of banks,” PDIC President Roberto B. Tan said.

In terms of type of deposit, savings deposits and time deposits jointly accounted for the bulk of total domestic deposits at 75.2%. Savings deposits amounted to PhP6.0 trillion, while time deposits totaled PhP3.6 trillion as of end-2018. However, in terms of growth rate, time deposits and long-term negotiable certificates of deposits (LTNCD) grew the fastest at a double-digit rate of 10.3%, followed by demand deposits and negotiable order of withdrawal (NOW) accounts at 8.3%, and savings deposits at 8.1%.

In terms of type of depositors, individuals and private corporations made up for 78.8% of the total domestic deposits in the Philippine banking system, while government deposits represented 13.6%. Deposits by banks, trust departments, and non-residents accounted for the balance.

Peso accounts amounting to PhP10.6 trillion were recorded at 83.5% of the total domestic deposits, higher by 9.2% from the PhP9.8 trillion posted as of end-2017. Meanwhile, foreign currency deposits amounting to PhP2.1 trillion comprised 16.5% of the total domestic deposits, higher by 7.2% than the PhP2.0 trillion foreign currency deposits recorded as of end-2017.

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 and help maintain a sound and stable banking system. PDIC likewise continues to promote depositor education, financial literacy and public awareness through its Be a Wise Saver (BAWS) campaign which it conducts nationwide among students, private and public sector personnel, and members of the financially vulnerable sectors.

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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