Press Release
Angara pushes for 100% increase in PDIC deposit insurance coverage
With more Filipinos now putting their money in banks, Senator Sonny Angara is looking to hike the deposit insurance coverage provided by the Philippine Deposit Insurance Corporation (PDIC) from the present P500,000 to P1 million per depositor.
Under Senate Bill 2089 filed by Angara, further amendments to the charter of the PDIC will be introduced in order to make it more responsive to the constantly changing financial landscape in the country.
Foremost among the proposed amendments is the increase in the deposit insurance coverage of PDIC to P1 million from the present P500,000.
The then Senate President Edgardo Angara invited me to head the newly created Senate Tax and Research Office. But there was a big problem. The Chairman of the Ways and Means Committee, Senator Juan Ponce Enrile did not want me. “She comes from the Department of Finance and has a lot of baggage.” And so I lost the position and stayed with the Department of Finance. But the problem remained. How could I establish rapport with the Senator?
Luck smiled on me when the Senator held a committee hearing in Cebu. Our plane was delayed for several hours. I took courage to sit beside him and engaged him in a conversation. I told him that my father worked as an attorney in the law firm of his dad, Dewitt, Perkins and Enrile. It is as if the snow melted. He took me in his confidence from that day on.
Published February 12, 2021, 6:00 AM
This is a prologue of my piece last week about the on-going reorganization and restructuring of positions at the Bangko Sentral ng Pilipinas (BSP).
I promised my muted sources last week that like them my lips are sealed up until the approval.
Now it can be shared.
Between then and the disclosure, I love the way the work staff at the BSP hash-tagged incoming Deputy Governor Mamerto Tangonon as “the name that cannot be mentioned.”
Reminds me Voldemort, a character in Harry Potter. Because he’s feared in the wizarding world, Voldemort is the “you know who” and “the name that cannot be mentioned.”