PDIC coverage of P500,000 to take effect when?
March 20, 2009
The minimum amount needed to invest in the Philippine National Bank (PNB)’s Long-Term Negotiable Certificate of Deposit (LTNCD) is P500,000 or around US$10,400.
According to the PNB representative I talked to, this entire amount is already covered by the Philippine Deposit Insurance Corporation (PDIC).
I thought PDIC’s insurance is, until now, only up to P250,000?
jay also commented on the PNB LTNCD article that when he called PNB, he was told the entire P500,000 minimum investment is indeed covered because the increased PDIC coverage is already “in the bag.”
To confirm, I called PDIC to ask when the increased deposit coverage would take effect. Remember that early this month, Congress already approved the bill increasing the PDIC insured deposit coverage from P250,000 to P500,000.
According to the PDIC representative I talked to, it will take effect “upon the publication of the new PDIC charter.”
“So when will this new Charter be published?” I asked.
The PDIC person: “That I don’t know.”
Apparently, the publication of the new PDIC Charter is the only thing we are all waiting for.
We hope the Filipino depositor won’t have to wait that long.
Related reading:
- Proposed PDIC coverage of P500k
- Explanation of the PDIC coverage
- PDIC coverage for US Dollar deposits
- Higher PDIC coverage: Good or bad?
March 20th, 2009 at %I:%M %p
nah…the usual red tape, and long winding road of the bureaucratic process.
March 20th, 2009 at %I:%M %p
hehehehe… wish ko lang darating yung araw na hindi na macover ng PDIC ung deposits ko dahil sa sobrang laki. hehehe… ay pala, i found a new way on how to make money from your blog/site aside from google adsense: Make Money With Performancing Ads
March 22nd, 2009 at %I:%M %p
Given the present situation as its unfolding, with the PDIC being unable to service the claims of the Depositors of the 12 legacy banks, I doubt if it makes any difference what figure the PDIC claim to insure, they appear to be broke and are quite blatantly changing there own rules to suit themselves and hide there lack of funds.