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The PDIC conducted discussions with the Bank Marketing Association of the Philippines (BMAP) and the Ad Standards Council on March 17.
STAR / File
MANILA, Philippines — State-run Philippine Deposit Insurance Corp. has initiated consultations with key industry stakeholders to update the existing guidelines on bank advertisements and the proper use of the PDIC seal, insurance statements and signages after the doubling of the maximum deposit insurance coverage (MDIC) to P1 million per depositor.
The PDIC conducted discussions with the Bank Marketing Association of the Philippines (BMAP) and the Ad Standards Council on March 17.
The next phase of consultations involve key banking industry players such as the Bankers Association of the Philippines (BAP), Chamber of Thrift Banks (CTB), Rural Bankers Association of the Philippines (RBAP) and the Digital Banks Association of the Philippines.
Their comments on the exposure draft of the regulatory issuance will help shape a framework that balances regulatory compliance with the needs of the banking and advertising sectors.
The strong relationship between the PDIC and bank associations is underscored by the widespread public support for the recent increase in the MDIC. Industry leaders have voiced their approval of this policy shift that reinforced public confidence in the banking system.
“It’s a timely move given that limits have not been increased in years,” BAP president Jose Teodoro “TG” Limcaoco said.
CTB president Mary Jane Perreras echoed this sentiment, stating “this move reinforces trust in the banking system, especially for senior citizens and retirees who rely on deposit security.”
“This further strengthens public confidence in the banking system and comes at no extra cost to insured banks, thereby allowing them to attract more private investment in the form of savings,” the RBAP said as it welcomed the policy initiative, highlighting its broader economic benefits.
The revisions aim to align regulatory standards with market developments such as the expanded insurance coverage, evolving market dynamics and significant industry shifts such as the transformative landscape of financial advertising, particularly the increasing reliance on digital and online platforms.
These amendments will ensure that the regulatory framework for bank advertisements remains relevant, effective and aligned with consumer protection and industry innovation.
The PDIC is actively engaging with bank associations and stakeholder groups to ensure that the updated RI is consistent with current industry trends and supports transparency and consumer protection.
The consultative meeting provides a platform for collaboration, allowing banks through their respective associations to contribute insights and recommendations.
This participatory approach ensures that the regulatory issuance remains relevant, responsive and forward-looking. Beyond ensuring that the issuance keeps pace with emerging market trends, the collaboration is also expected to strengthen the trust and cooperation between the PDIC and bank associations.
