PDIC remittance to Philippines coffers hits P107 billion

CEBU, Philippines — The Philippine Deposit Insurance Corporation (PDIC) has remitted P107.23 billion to the Bureau of the Treasury (BTr), supporting the government’s efforts to boost the national economy.

In a press statement released through DOF.GOV.PH, the Finance Department said this remittance will help fund key projects aimed at driving economic growth and improving the lives of Filipinos.

The funds will be used for various government priorities, including infrastructure projects, social programs, and disaster response efforts. These initiatives are expected to promote economic activity, leading to more bank deposits and the growth of financial institutions, which will in turn offer more services to the public.

In line with the General Appropriations Act of 2024, the PDIC remitted the amount following the guidelines set by the Office of the Government Corporate Counsel (OGCC). Despite this significant remittance, PDIC President Roberto B. Tan reassured the public that the Deposit Insurance Fund (DIF) remains strong and well-managed. The DIF continues to be maintained at target levels based on international standards, ensuring the PDIC can fulfill its role in protecting depositors.

It added that the remittance will help fund a range of important projects, such as the maintenance and rehabilitation of key infrastructure, social assistance programs like the Philippine Food Stamp Program, and disaster recovery efforts. It will also support rural electrification projects and infrastructure such as the Panay-Guimaras-Negros Island Bridges and the Metro Manila Subway Project.

In addition, the remittance contributes to various foreign-assisted projects, including the Mindanao Inclusive Agriculture Development Project and the North-South Commuter Railway System, all of which are designed to create jobs, increase income, and reduce poverty.

The PDIC emphasized that its commitment to safeguarding the Deposit Insurance Fund and maintaining public trust remains unchanged, ensuring that depositors are protected even as the government pursues its development goals. —/JOB (FREEMAN)