00:00 The quality or state of financial inclusivity among Filipinos leaves a lot to be desired.
00:05 So says the World Bank on a lot of Filipinos still having cold feet or being twice shy
00:10 and going to the bank and opening a savings account.
00:13 Hence, the Philippine Deposit Insurance Corporation is on a mission to turn things around as our Sujin Kim reports.
00:20 The Philippine Deposit Insurance Corporation or PDIC is encouraging more and more Filipinos to open savings accounts
00:28 and have more confidence in the stability of the banking system.
00:32 This as the need to widen the scope of financial inclusion in the country deepens.
00:37 As we can see in the data from the World Bank, the Philippines is not saving enough.
00:43 We really lag behind our friends from Southeast Asia.
00:49 The PDIC stresses the importance of keeping money in banks because of the risk in putting money elsewhere.
00:55 And although physical money or cash is king, it is susceptible to fires, flooding and theft.
01:02 The PDIC assures security for someone's hard-earned money.
01:06 The Philippine Deposit Insurance Corporation protects depositors by providing a maximum insurance coverage
01:12 of 500,000 pesos per depositor per bank in cases of bank closure as ordered by the Bank Central ng Pilipinas.
01:19 The PDIC actually has three roles as a co-regulator of banks, as a deposit insurer and as a receiver of closed banks.
01:26 The PDIC as a government-owned and controlled corporation is mandated to promote financial stability.
01:32 This includes encouraging Filipinos to be better prepared by being more liquid.
01:37 Let's save so we can use it in emergencies or in the future.
01:44 As a reminder, PDIC Corporate Affairs Vice President Jose Villarret Jr. says,
01:49 "Your money is saved in banks."
01:52 The scope of deposit insurance protection includes savings, demand and time deposits.
01:57 The Philippine Deposit Insurance Corporation protects the depositing public while empowering Filipinos through financial literacy.
02:04 Sujin Kim from the National TV Network for the New and Better Philippines.
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