The growth marks a sharp acceleration from the 5.3% rise recorded a year earlier, a year after PDIC doubled its maximum deposit insurance coverage (MDIC) to PHP 1 million in March 2025.
The acceleration has built steadily since that policy change. Deposits grew 7.3% by September 2025 and 7.1% for the full year, before climbing to 9.8% in this latest report, based on PDIC’s own quarterly releases.
Individuals and private corporations accounted for more than three-quarters of the year’s increase.
Individuals added PHP 913.9 billion, or 46.4% of total growth, while private corporations contributed PHP 606.6 billion, or 30.8%.
The remaining 22.8% came from other institutional depositors, including government entities, banks and trust departments.
Roberto B. Tan
“The continued rise in deposit liabilities reflects the public’s sustained confidence in the banking system,” said PDIC President and CEO Roberto B. Tan. “Higher household and business deposits suggest that individuals and companies continue to view banks as safe, accessible, and reliable institutions for managing their funds.”
Time deposits drove the largest share of growth, adding PHP 896.1 billion, or 45.5% of the year-on-year increase, as savers appeared to lock in rates ahead of anticipated cuts.
Demand and NOW deposits contributed PHP 589.6 billion, or 29.9%, while savings deposits added PHP 483.2 billion, or 24.5%.
The number of deposit accounts also grew, reaching 178.6 million by end-March 2026, up 27.2 million, or 18%, from a year earlier.
Savings accounts drove most of that increase, adding 26.9 million accounts.
Fully insured accounts rose 18.2% to 176.5 million, meaning 98.8% of domestic deposit accounts are now fully covered by PDIC. Total insured deposits exceeded PHP 5 trillion as of March 2026.
Featured image: Edited by Fintech News Philippines based on an image by whoisdanny via Magnific.
