By Francis Allan L. Angelo
The Philippine Deposit Insurance Corporation’s PHP 107.23 billion remittance to the Bureau of the Treasury will help fund the Panay-Guimaras-Negros Island Bridges project among other major infrastructure and social programs nationwide.
“We assure the public that after the remittance, the Deposit Insurance Fund of the PDIC remains adequate to cover risks in the banking system and that the PDIC is still capable of delivering its services effectively, in case of insurance calls,” PDIC President Roberto B. Tan said.
The remittance complies with the General Appropriations Act of 2024 and follows the Office of the Government Corporate Counsel’s opinion.
Tan emphasized that the Deposit Insurance Fund continues to operate within target levels based on international best practices.
The multi-island bridge project is part of several foreign-assisted infrastructure developments receiving support from the remittance.
Other major projects include the Metro Manila Subway Project and the North-South Commuter Railway System.
The funds will also support the Cebu-Mactan Bridge and Coastal Road Construction Project.
Beyond infrastructure, the remittance will fund social programs including repair of facilities and assistance to individuals in crisis situations.
The Philippine Food Stamp Program and disaster-related infrastructure initiatives are among the beneficiaries.
Rural communities will benefit through the Financial Subsidy for the Purchase of Photovoltaic Mainstreaming program.
Additional projects receiving support include the Philippine Multi-Sectoral Nutrition Project and the Mindanao Inclusive Agriculture Development Project.
These developments aim to generate employment, boost incomes, and reduce poverty across the Philippines.
The government assured depositors that the remittance maintains the soundness of the Deposit Insurance Fund.
PDIC officials expect these projects to stimulate economic activities, potentially leading to increased bank deposits and expansion of financial services nationwide.
