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Arroyo wants bank deposit insurance raised
PRESIDENT Gloria Macapagal-Arroyo on Tuesday proposed the increasing of bank deposit insurance to P1 million or four times higher than the current insurance limit of P250,000.
Executive Secretary Eduardo Ermita said the proposal was made during the National Economic and Development Authority (Neda)-Cabinet meeting in Malacaang where the President expressed her support and 'agreed to the various congressional bills filed by Congress to increase the deposit insurance coverage extended by the Philippines Deposit Insurance Corp. (PDIC).'
He said President Arroyo however prefers that it be raised P1 million, which is a more 'proportionate response' to the present global financial uncertainties instead of the P500,000 proposed by lawmakers.
Arroyo, he added, felt that while the country's financial system is stable and healthy, 'it is better to have this increase now while we still don't need it, than to need it later while we can't have it.' (more)

s Cabinet decided Tuesday to ask the United States for changes to the draft agreement that would keep American troops there three more years

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