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PDIC recommends depositing in banks than e-wallets for better security |

The Budgetarian

PDIC recommends depositing in banks than e-wallets for better security

Kristofer Purnell -
PDIC recommends depositing in banks than e-wallets for better security
File photo shows a person at an ATM

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) is encouraging Filipinos to recognize the personal and national value of depositing in banks for better financial security.

The PDIC is marking this June 16 to 22 as Deposit Protection Awareness Week (DPAW), which aims to strengthen the protection of unsophisticated depositors and complement the government's thrust for sustained economic growth and development.

In an event launching the 22nd edition of DPAW carying the theme "Proteskyong Maaasahan sa Ipon Pinaghirapan," PDIC's Vice President for Corporate Affairs Jose Villaret presented World Bank data of the Philippines' declining gross domestic savings.

From 17.5% in 2017, the country's gross domestic savings dropped to 9.2%.

Villaret, however, pointed out that at the end of the 2023, the PDIC recorded a total P18.98 trillion deposits from 121.6 million accounts — 97.4% of which are fully insured — from the company's 480 partner banks.

Related: How to teach kids to handle money: Drew, Iya Arellano give advice

Given the need for awareness on secure bank depositing, Villaret said the public should be on the lookout for the online publication and social media campaign rollout of DPAW 2024.

Villaret acknowledged that many consider using e-wallets because it is easier to use, but he said these platforms are not deposits and not covered by the PDIC. He added though that the topic is under study and discussion. 

"Opening a savings account opens more doors than the easier e-wallet because of bank service opportunities," Villaret explained, adding e-wallets are more often used for transactions than savings.

Some of the reasons Villaret opined why some Filipinos do not deposit in banks are because of the lack of savings and the supposed intimidating environment.

"Filipinos love to spend, kahit kung kaunti na lang pera natin. The concept of saving isn't very strong yet in Philippine culture. Parang may mekanismo na naroon naman si nanay o ang kapitbahay. Start with the basic, mag-ipon tayo," Villaret ended.

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