PDIC insists funds enough despite P107-B remittance

The Department of Finance assured bank depositors of continued relief from the Philippine Deposit Insurance Corp. (PDIC) despite P107.23 billion in remittance of “excess funds” to the national government.

In a statement on Sunday, the DoF said PDIC President Roberto Tan reported a sufficient amount under its Deposit Insurance Fund (DIF).

DoF also enumerated the government projects where the PDIC remittance has been used.

“The DIF continues to be maintained within the target level set by its Board of Directors based on international best practices,” Tan said.

PDIC transferred the P107.23-billion fund to the Bureau of the Treasury in compliance with the Congress-approved General Appropriations Act of 2024 or the National Budget Program for last year.

Budget law requirement

The law requires the PDIC as a government-owned and -controlled corporation to remit unused funds to help finance government projects and reduce government loans.

DoF said the PDIC remittance supported the maintenance and rehabilitation of major infrastructure facilities; the Protective Services for Individuals and Families in Difficult Circumstances; and the Philippine Food Stamp Program.

The others are disaster-related infrastructure projects; and the Financial Subsidy for the Purchase of Photovoltaic Mainstreaming (Solar Home System) for rural areas.

DoF said the PDIC fund also partly financed projects backed by foreign aid: Panay-Guimaras-Negros Island Bridges; the Metro Manila Subway Project; the Philippine Multi-Sectoral Nutrition Project; and the Mindanao Inclusive Agriculture Development Project.

This subgroup also includes the Cebu-Mactan Bridge and Coastal Road Construction Project; the North-South Commuter Railway System; the Support to Parcelization of Lands for Individual Titling Project; the Teacher Effectiveness and Competencies Enhancement Project; and the Philippine Fisheries and Coastal Resiliency Project.