The weeklong nationwide observance of the 19th Depositor Protection and Awareness Week (DPAW) on June 16-22 led by the Philippine Deposit Insurance Corporation (PDIC) was anchored on the theme, “Maniguro, Mag-impok, Mag-deposito sa Bangko”, that aptly described the need to save money in banks during these uncertain times.
As lead agency for DPAW, the PDIC rolled out a public awareness campaign that made use of traditional and social media. Its radio and TV infomercials, radio segments, Facebook live streams, social media posts and newspaper supplements helped promote the key concepts of wise saving, responsible banking, the benefits of having bank accounts, and the ease of opening bank accounts through the basic deposit account to pursue inclusivity for those who are unbanked and have no access to financial services.
PDIC President and CEO Roberto B. Tan said, “No matter how small, Filipinos should start saving in banks to promote a proactive mindset. Practiced on a consistent basis, saving will help secure their future. Those who set aside some funds were the ones who were able to successfully weather the impact of financial disruptions during the strict quarantine periods.”
The public awareness campaign shared stories of success among plainfolks, OFWs, and micro, small, and medium-sized enterprises, on how having a bank account helped them become more disciplined with their finances and slowly realize their dreams for their families. Experts from the financial industry also shared tips and guideposts on how Filipinos can better protect their finances.
Banks and partner-agencies were also instrumental in promoting the lessons of this year’s DPAW celebration through their participation over their individual websites and social media accounts. Through the digital and various channels for promotion, the DPAW message resonated and reached many stakeholders despite the limitations under the new normal.
The observance of DPAW is mandated by Presidential Proclamation No. 358 s.2003 to help strengthen the Philippine banking system through enhanced depositor confidence that will help sustain economic growth.
As the state deposit insurer, the PDIC is mandated to protect depositors through the maximum deposit insurance coverage of PhP500,000 per depositor, in case of bank closure. The PDIC’s pledge of protection for the depositing public is summed up by its corporate tagline, “Bank deposit mo, protektado!”
The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PhP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.