Camsdcute’s Lair

President is agreeing in the proposal to increase the maximum amount of PDIC coverage for each depositor from Php250,000.00 to Php 1,000,000.00. With the recent shakes in the economy and the uncertainties felt for the banking sectors especially in the U.S., people here in the Philippines panicked. Most of the people here are known for that kind of attitude (like the panic which ensued when there was a rice shortage and melamine outbreak). Most pulled out their investments particularly in mutual funds and even from big banks. Some say they’d rather keep their money under their beds.

This increase in the maximum coverage will surely entice people to put in their money in banks. This is the main objective of the raise – to promote confidence in people to entrust their money in our financial institutions. After all, are banks are stable and Asian countries have a better position of booming their economies today than the US which is in recession.

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