WebClick Tracer

September 22, 2023

DBP inks pact with PDIC to facilitate deposit insurance claims

State-owned Development Bank of the Philippines (DBP) led by bankero Emmanuel Herbosa has signed a memorandum of agreement with the Philippine Deposit Insurance Corporation (PDIC) to facilitate the payment of insurance claims to depositors of closed banks.

The bankero said the bank’s Multi-Channel Disbursement Facility (MCDF) provides additional claim payment options for depositors including intrabank credit services and payment through PESONet.

“DBP is collaborating with PDIC in this initiative to further optimize the use of technology to provide more efficiency and convenience in the delivery of the government’s financial obligations,” Herbosa said.

DBP is the fifth largest bank in the country in terms of assets and has a network of 131 branches and 12 branch-lite units, which are mostly situated in underserved areas of the country.

The intrabank credit facility of DBP’s MCDF allows PDIC to credit insurance claims directly to the DBP accounts of depositors. Under PESONet, PDIC may transfer the claims of depositors directly to their accounts in other banks, or with electronic money issuers (EMIs).

PDIC is the government instrumentality mandated to protect the depositing public and promote financial stability through deposit insurance of up to P500,000 per depositor per bank. Deposit insurance is a safety net and is paid by PDIC to depositors of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas.

DBP senior vice president for branch banking George Inocencio said the latest collaboration with PDIC reflects the bank’s commitment to be responsive to the evolving banking needs of the depositing public and aims to bring essential financial services closer to more Filipinos.


UnionBank gets BSP nod, becomes first and only PH universal bank to offer mobile crypto trading

Proving its status anew as an industry trailblazer, Union Bank of the Philippines (UnionBank) recently achieved another first in the industry after securing a Certificate of Authority from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP), making it the first and only universal bank in the Philippines to offer virtual asset exchange services.

Read More ...

Maya sweeps banking awards

Fintech firm Maya, a pioneer in digital banking in the Philippines, secures three prestigious awards, including Virtual Bank of the Year, reflecting its commitment to financial inclusion and innovation in the digital banking sector.

Read More ...

HSBC Philippines CEO Sses bright future for the country

Sandeep Uppal, President and CEO of HSBC Philippines, sees a bright future for the country, citing its welcoming nature, rich history, and potential in sustainable finance and renewable energy investments, while emphasizing the importance of work-life balance and long-term career planning.

Read More ...