PDIC is a government instrumentality created in 1963 by Republic Act 3591, as amended, to insure the deposits of all banks. PDIC exists to protect depositors by providing permanent and continuing deposit insurance coverage for the depositing public and help promote financial stability.
PDIC is tasked to strengthen the mandatory deposit insurance coverage system to generate, preserve, maintain faith and confidence in the country’s banking system; and protect it from illegal schemes and machinations.
What does this mean for clients of Porac Bank?
Porac Bank, being a member of PDIC or Philippine Deposit Insurance Corporation, means that all clients’ savings accounts are insured for up to Php500,000.
This signifies that your hard-earned money is safe in the hands of Porac Bank. That whatever the unforeseen circumstance, you will have your savings to your name, in the safety of this insurance.