Congressmen agree with P1-M deposit insurance coverage
AUTHORS of a measure raising the ceiling on insured deposits are willing to revise their bill to reflect a 300% increase in the coverage.
In a statement, Speaker Prospero C. Nograles and Manila Rep. Jaime C. Lopez Thursday said they will amend their bill to raise the maximum deposit insurance coverage to P1 million, hewing to the wishes of Malacañang, from the present P250, 000.
House Bill 5315 that the two have filed seeks to raise the ceiling to P500, 000.
The two explained they proposed only an increase to P500, 000 because the Philippine Deposit Insurance Corp. may not have the financial capacity if the ceiling were P1 million.
"Nonetheless, the proposed amendment is a proactive confidence-building measure in anticipation of a possible adverse impact by the volatile global financial developments on our banking sector, " they said. — Jhoanna Frances S. Valdez, BusinessWorld
In a statement, Speaker Prospero C. Nograles and Manila Rep. Jaime C. Lopez Thursday said they will amend their bill to raise the maximum deposit insurance coverage to P1 million, hewing to the wishes of Malacañang, from the present P250, 000.
House Bill 5315 that the two have filed seeks to raise the ceiling to P500, 000.
The two explained they proposed only an increase to P500, 000 because the Philippine Deposit Insurance Corp. may not have the financial capacity if the ceiling were P1 million.
"Nonetheless, the proposed amendment is a proactive confidence-building measure in anticipation of a possible adverse impact by the volatile global financial developments on our banking sector, " they said. — Jhoanna Frances S. Valdez, BusinessWorld
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