The bill increasing the amount of insured bank deposits to P500,000 has already been approved but, until now, very few people know when this law will take effect.
In March, the Philippine National Bank (PNB) issued Long-Term Negotiable Certificates of Deposit (LTNCD) with minimum investment amount of P500,000. This entire amount will already be fully insured, according to a representative from the Philippine Deposit Insurance Corp. (PDIC). However, she also said she herself doesn’t know when exactly the law will take effect.
So when is the effectivity date of the increased PDIC coverage of P500,000?