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PDIC, Korean counterpart renew 5-year deposit insurance cooperation deal

Business

PDIC, Korean counterpart renew 5-year deposit insurance cooperation deal

Yoo JaeHoon, Chairman and President of KDIC and Roberto B. Tan, President and CEO of PDIC

State deposit insurer Philippine Deposit Insurance Corporation (PDIC) has entered a five-year deal with its Korean counterpart to renew bilateral cooperation on deposit insurance, sustaining further the cross-border relations between the two deposit insurance agencies.

On March 25, PDIC and the Korea Deposit Insurance Corporation (KDIC) signed a memorandum of understanding (MOU) to renew the bilateral collaboration created over a decade ago.

Specifically, PDIC said the mutual move formalizes ongoing cooperation and information-sharing between PDIC and KDIC. It covers key areas such as deposit insurance, bank resolution, receivership, and risk management.

Also included in the MOU are collaboration on IT systems, legal procedures, and public awareness efforts.

“The agreement, previously renewed in 2019, attests to the mutual commitment of the Philippines and Korea to sustain the enhancements of their respective deposit insurance systems,” the local deposit insurer said.

It said that the agreement is effective for five years and may be extended for another five years upon joint and written agreement by both deposit insurance agencies.

Roberto B. Tan, President and CEO of PDIC, and Yoo JaeHoon, Chairman and President of KDIC, represented their respective agencies during the signing event last month at the PDIC office in Makati City.

PDIC and KDIC are both members of the International Association of Deposit Insurers (IADI). Their continued partnership supports the IADI core principles for effective deposit insurance systems.

In particular, it aligns with the principle on cross-border issues, which encourages formal coordination and information-sharing between deposit insurers in different countries.

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