Manila: Insured deposits maintained in the Philippine banking system significantly grew last year, state deposit insurer Philippine Deposit Insurance Corporation (PDIC) said. In a statement Wednesday, the PDIC said total insured deposits amounted to PHP5.2 trillion last year, higher by 40.9 percent from the PHP3.7 trillion recorded in 2024, signaling a stronger financial safety net for depositors.

According to Philippines News Agency, contributing to the growth was the maximum deposit insurance coverage (MDIC) that was doubled from PHP500,000 to PHP1 million on March 15, 2025. The policy initiative accounted for PHP1.3 trillion, or 86.1 percent, of the total increase in insured deposits.

PDIC also reported an increasing number of fully insured accounts, which reached 169.2 million, up by 20.9 percent from 140 million in 2024. These accounts represent 98.8 percent of all deposit accounts nationwide, which PDIC said underscores the broad reach and inclusivity of deposit insurance.

Meanwhile, overall domestic deposit growth across the Philippine banking system remained robust, rising to PHP21.7 trillion by end-2025 or an increase of 7.1 percent. PDIC said individual depositors continued to drive growth, contributing PHP812.1 billion or 56.4 percent, followed by private corporations with PHP334.8 billion or 23.2 percent.

"Taken together, these positive developments highlight the PDIC's critical role in strengthening financial stability, deepening public trust, and delivering enhanced protection for depositors across the banking system," PDIC said.