Philippine Deposit Insurance Corporation (PDIC) General Counsel Maria Antonette Brillantes-Bolivar shares how the PDIC continues to create opportunities and develop initiatives to further strengthen the resilience of rural banks in the face of challenges in the banking landscape.
Atty. Bolivar was a resource person during the recent Annual Management Conference of the Confederation of Central Luzon Rural Banks held in Baguio City.
PDIC has expressed its support for rural banks towards strengthening their resilience which will bolster depositor confidence and boost financial stability.
Bolivar said PDIC is focused on enhancing depositor protection mechanisms to instill greater confidence in banks. One of its priorities is the review and possible adjustment of the current deposit insurance coverage to benefit more depositors.
Other measures will also be implemented to help safeguard depositors’ savings, ensuring they are adequately protected against any unforeseen risks or disruptions in the banking system.
By reinforcing depositor protection, the government aims to reassure the public and strengthen trust in the banking sector.
“The depositor protection provided by PDIC assures bank depositors that their money in banks is insured up to the coverage limit. The increase in coverage will bolster our shared goal of promoting saving in banks, and in building confidence in the banking system and thus, create opportunities and build resilience for our banks,” Bolivar explained.
Recognizing the challenges faced by rural banks in maintaining resilience in the face of evolving financial landscapes, the PDIC is also exploring ways to provide support and assistance, including targeted interventions, to help rural banks adapt to changing market conditions through capacity-building initiatives and digital transformation projects.
