Cayetano said the measure would restore public confidence in the banking system and revitalize the national savings mobilization effort, which has remained among the lowest in the region.
"We must promptly increase the insurance coverage of deposits in order to restore the public confidence in the banking system and revitalize the national savings mobilization effort at this difficult time," Cayetano said.
The senator’s call came after the Philippine Deposit Insurance Corp. (PDIC) released a report showing that 53,869 account holders with a total of P2.2 billion worth of deposits were affected by the closure of 16 banks last year.
The figure does not include thousands of depositors in eight other collapsed banks that have yet to undergo inventory of deposits.
Under Cayetano’s bill, the insurance coverage should be 100 percent of the amount deposited if it is less than P100,000.
For deposits of P250,000 or more, the coverage should be expanded to 50 percent of the deposit, provided the account holder receives no less than P175,000.
Cayetano also wants the PDIC to pay depositors within 60 days from the closure of the bank.
At present, each deposit account is ensured up to P100,000 only regardless of the amount of the deposit.
Meanwhile, Sen. Loren Legarda stressed the need to provide special funding for the development of an anti-dengue vaccine in the face of an expected rise in dengue cases this year.
"Since we’re one of the countries threatened by dengue epidemics, it has become imperative for us to push for the development of a suitable vaccine," Legarda said.
Legarda noted that Thailand recently developed potential antibodies that might prove effective for public use against dengue in five to 10 years and she urged the appropriation of funds to pursue similar research and development initiatives.
The senator made the proposal as health officials predicted a rise in the number of dengue cases this year since dengue outbreaks usually have a cycle of three years.
In 1998, the country was struck by a dengue epidemic, with over 21,000 cases and almost 400 deaths reported. Last year, the DOH reported 4,474 dengue cases with 42 deaths.
Metro Manila had the highest number of cases with 1,151, mostly from Quezon City, Caloocan City and Manila, followed by Central Visayas with 986 cases.
At the same time, Sen. Manny Villar has filed a measure to provide financial assistance for poor college students.
"Government must provide for students wishing to pursue higher education. Just because one is poor does not mean they should be deprived of a quality education," Villar said.
Under his proposal, a sum of P350 million would be appropriated to initially underwrite the educational cost of an initial batch of 35,000 students.
The measure seeks to benefit students from families that fall under the poverty line defined by the National Economic and Development Authority (NEDA).