Good news! The Philippine Deposit Insurance Corp. raised the insurance coverage of bank deposits from 250,000 pesos (US$182,88) to 500,000 pesos (US$36,577). This is to give depositors peace of mind and avoid mass withdrawal which happened recently when some Philippine Banks usually rural banks claimed bankruptcy due to global economic recession.
Depositors should be aware of anything involving their money in the bank like insurance deposit coverage, time deposit rates including bank CD rates to avoid financial mismanagement.
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