Total deposit liabilities in the local banking system climbed to ₱20.9 trillion at the end of the third quarter of last year, a 7.3 percent increase fueled by the surge in new accounts and adjustment in state insurance coverage.

Data released by the Philippine Deposit Insurance Corp. (PDIC) showed that the industry added ₱1.4 trillion in deposits from the ₱19.5 trillion recorded in September 2024. 
PDIC said the growth was due to the 20.4 percent jump in the number of deposit accounts, which reached 166.6 million from 138.3 million a year earlier.

PDIC said that majority of these new inflows were individual depositors, who contributed ₱764.2 billion in additional funds. This segment represents more than half of the total annual increase and reflects an 8.1 percent year-on-year growth for individual deposits, which now stand at ₱10.2 trillion.

Private corporations also expanded their holdings, with corporate deposits rising by ₱422.9 billion to ₱6.6 trillion. The remaining ₱244.5 billion in growth was driven by other sources, including government accounts.

Much of the momentum followed the March 15, 2025, decision to double the maximum deposit insurance coverage to ₱1 million per depositor.

The PDIC noted that ₱869.4 billion, or approximately 60.7% of the total annual growth, was recorded in the six months following the policy change. During that same window, the banking system added 15.3 million new accounts.

The adjustment significantly bolstered the safety net for Filipino savers. Estimated insured deposits rose 42.1 percent to ₱5.1 trillion, while fully insured deposits—those within the ₱1 million limit—surged 59.3 percent to ₱3.1 trillion.

The number of fully insured accounts grew by 21.9 percent to 164.6 million. Under the new ceiling, the PDIC now provides full protection for 98.8 percent of all deposit accounts in the country, up from 97.6 percent in September 2024.

The move in March represented the first time the state insurer used its enhanced authority under an amended charter to raise coverage without seeking legislative approval. This is the sixth such increase since the corporation was established in 1963, a move intended to maintain public confidence in the financial system amid evolving economic conditions.