The Philippine Deposit Insurance Corporation (PDIC) is ramping up efforts in the Caraga Region to promote savings and ensure that bank deposits are protected.

“We are raising awareness among residents in Butuan City and the region about the importance of savings and deposit insurance,” PDIC Corporate Affairs Group vice president Jose Villaret Jr. said during a press briefing on Monday.

The PDIC launched the campaign following a reported increase in the number of banks and deposits in the city and the region over the past two years.

“The PDIC is a government agency tasked with safeguarding depositors and promoting financial stability through deposit insurance,” Villaret said, emphasizing the crucial role of media in educating the public on these protections.

The PDIC provides a maximum deposit insurance coverage of PHP500,000 per depositor, per bank.

In 2023, the region recorded 255 banks, up from 247 in 2022, and 1,186,394 deposits, compared to 1,095,782 the previous year.

Deposits in the region also increased to PHP136.9 billion in 2023, from PHP132.6 billion in 2022.

Butuan City maintained 51 banks from 2022 to 2023, but the number of deposits rose from 281,064 in 2022 to 336,271 in 2023.

The total value of deposits in the city also jumped from PHP48.3 billion in 2022 to PHP63.2 billion in 2023.

Villaret said the PDIC remains vigilant as residents and businesses in the area continue to demonstrate high confidence in banking. (PNA)