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PDIC remits P7.1 billion to Treasury

Czeriza Valencia - The Philippine Star
PDIC remits P7.1 billion to Treasury
“The dividend remittance by the PDIC will be a substantial contribution to the financing of the health and economic recovery measures of the government, while upholding the policy of the government to maintain and preserve confidence in the banking system,” said Finance Secretary Carlos Dominguez.
STAR / File

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) has remitted a total of P7.1 billion in dividends to the Bureau of the Treasury (BTr), the Department of Finance (DOF) said.

“The dividend remittance by the PDIC will be a substantial contribution to the financing of the health and economic recovery measures of the government, while upholding the policy of the government to maintain and preserve confidence in the banking system,” said Finance Secretary Carlos Dominguez.

Initial dividends declared by the PDIC in February amounted to P4.9 billion. It remitted an additional P2.2 billion last March 24, for a total of P7.1 billion remitted on March 25.

PDIC president Roberto Tan said the dividends were derived from other sources of income of PDIC primarily from interest income from its investments.

GOCCs are mandated under the Dividend Law to declare and remit to the national government at least 50 percent of their net income as dividends.

A total of 11 GOCCs already remitted a combined P21.44 billion in dividends to the Treasury during the first quarter.

PDIC provides insurance coverage for bank deposits to protect the personal savings of the public and help promote confidence in the financial system.

It provides a maximum deposit insurance coverage of P500,000 per depositor per bank.

It also functions as the liquidator of failed banks. Upon order of the Monetary Board, it takes over closed banks, and administers their assets to settle the claims of their creditors.

PDIC

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