MANILA – The Philippine Deposit Insurance Corporation (PDIC) has deposited more than P107 billion worth of its idle funds to the Bureau of Treasury, geared towards supporting priority government projects.

In a release, the PDIC said Philippine deposit insurance levels “are consistent with international standards” despite the multi-billion peso remittance.

“We assure the public that after the remittance, the Deposit Insurance Fund (DIF) of the PDIC remains adequate to cover risks in the banking system and that the PDIC is still capable of delivering its services effectively, in case of insurance calls,” said PDIC President Roberto Tan.

“The DIF continues to be maintained within the target level set by its Board of Directors based on international best practices,” Tan added.

Remitting P107 billion to the Bureau of Treasury is consistent under the General Appropriations Act of 2024 and in accordance with the opinion of the Office of the Government Corporate Counsel (OGCC).

Following this move, PDIC said the Deposit Insurance Fund is now at P202 billion or 5.8 percent of the Philippines’ estimated insured deposits.

“The target range ratio level set by the PDIC Board is from 5 to 8 percent,” the release read.

The remittance will fund major infrastructure and social services programs as well as other foreign-assisted projects, the PDIC said.

These, the agency said, “are envisioned to lead to higher deposits in banks and growth of financial institutions to provide more financial products and services to Filipinos nationwide.”