PDIC assets fall 18% on fund remittances

The Philippine Deposit Insurance Corp. (PDIC) saw its total assets fall by 18 percent to P278 billion in 2024 after remitting over P117 billion in funds and dividends to the national government under the General Appropriations Act (GAA).

- By KEISHA TA-ASAN

In its 2024 Annual Report, the state deposit insurer said total assets declined by P61.6 billion from the previous year’s P339.6 billion.

“The drop in net assets is primarily attributed to remittances to the Bureau of the Treasury aggregating P107.2 billion fund balance under the GAA and P10.7 billion dividends, P1.2 billion operating expenses and P300 million payment of insured deposits,” the PDIC said.

PDIC president and CEO Roberto Tan said the remittance supports “the fiscal strengthening and consolidation initiative” of the national government and helps fund its priority programs.

“PDIC remitted a total of P10.7 billion in regular dividends to the national government in 2024. This is in support of the fiscal strengthening and consolidation initiative as well as to help fund various priority programs of the national government,” Tan said in his report.