A CONGRESSMAN has filed a bill seeking to double the maximum deposit insurance to P1 million pesos.

House Bill 5812 by Makati Rep. Luis N. Campos, Jr. will amend the Philippine Deposit Insurance Corp. (PDIC) charter.

The insurance hike is meant to adjust for inflation and protect depositors, the lawmaker said.

The measure also cited the closure of 41 banks from 2017 to 2019, affected thousands of depositors.

The Philippine banking system had P12.83 trillion in deposits as of June 30, 5.8% higher than a year earlier, according to the state deposit insurer.

These deposits were spread across 67.8 million accounts, 13.8% higher than a year earlier.

“Banking is impressed with public interest,” Mr. Campos said in the bill’s explanatory note. “It is, therefore, imperative to maintain faith and confidence in the country’s banking system as an indispensable element of the national economy and its continued growth and development.” — Genshen L. Espedido