Philippine Deposit Insurance Corporation

Updates on PDIC Charter, Mandates/Authorities and Regulations

1963  PDIC was created through Republic Act 3591 (June 22, 1963), which provided, among others: a. deposit insurance coverage for deposits in Philippine banks b. maximum deposit insurance coverage of PhP10,000 per depositor c. maximum assessment rate of 1/12 of 1 percent of net assessable deposits per annum d. financial assistance to distressed banks when in the opinion of the Board, the continued operation of the bank is essential to provide adequate banking service in the community or maintain financial stability e. Permanent Insurance Fund (PIF) at PhP5 million f. voluntary insurance membership with PDIC g. formation of a 3-member PDIC Board of Directors

1964  PhP5 million was appropriated from the General Fund to bankroll the Permanent Insurance Fund (PIF) (Republic Act 4083).

1969  The PDIC Board approved the By-Laws of the Corporation setting up the organization and redefining the powers and responsibilities of each department. Also approved were the Implementing Rules and Regulations of Republic Act 3591.  Membership to PDIC was made compulsory for all banks (Republic Act 6037).

1970  PDIC started collecting assessment rate at maximum 1/18 of 1 percent of net assessable deposits per annum.

1972  Republic Act 6426 was passed, instituting the foreign currency deposit system and providing insurance coverage for said deposits, payment of which may be made in the same currency in which insured deposits are denominated.

1973  Presidential Decree (PD) 120 was issued that provided for: a. increased Permanent Insurance Fund (PIF) to PhP20 million from PhP5 million b. availability of funds for financial assistance to be limited only to PIF, additional appropriations, and money borrowed from the Central Bank c. funds from assessments paid by insured banks shall not be used for financial assistance purposes or repayment of loans from Central Bank incurred for funding of assistance.

1977  Assessment rate was increased to a maximum of 1/15 from 1/18 of 1 percent of net assessable deposits starting the semester ending June.

1978  Maximum deposit insurance coverage was increased to PhP15,000 per depositor from PhP10,000 (Presidential Decree 1451).

1981  The PDIC Chairman was appointed Liquidator of six rural banks ordered closed by the Monetary Board pursuant to Monetary Board Resolution No. 459.

1983  The PDIC Board was reconstituted with the following members: a. The Governor of the Central Bank of the Philippines as Chairman; b. The President of the Corporation as Vice-Chairman and ex-officio member of the Board; and c. The Deputy Minister of Finance as may be designated by the Minister of Finance from among his deputies (Executive Order 890).

1984  Maximum deposit insurance coverage was increased to PhP40,000 per depositor, from PhP15,000 (Presidential Decree 1897).  Presidential Decree 1940 was issued and provided for the following: a. PDIC made a preferred creditor over unsecured creditors; b. Trust accounts excluded from insurance coverage; and c. Minimum assessment premium paid by banks set at PhP250.

1985  The Permanent Insurance Fund (PIF) was increased to PhP2 billion from PhP20 million (Presidential Decree 1985).  Assessment rate for banks was adjusted to 1/12 from 1/15 of 1 percent of net assessable deposits.

1987  The Monetary Board approved in November the return to the Central Bank of the responsibility to liquidate six rural banks assigned to PDIC in 1981.

1992  Republic Act 7400 was passed on April 13, 1992 amending Republic Act 3591, and providing among others: o increased maximum deposit insurance coverage to PhP100,000 from PhP40,000; o adjusted assessment rate to a maximum of 1/5 of 1 percent of total deposit liabilities; o increased Permanent Insurance Fund to PhP3 billion from PhP2 billion; o authority to conduct independent examination of banks; o assumption of liabilities as an additional mode of financial assistance; o mandated as receiver and liquidator of banks ordered closed by the Monetary Board; o and amendment to the composition of the PDIC Board, designating the Finance Secretary as Chairman, PDIC President as Vice-Chairman, Bangko Sentral ng Pilipinas Governor as member, and two representatives from the private sector.

2000  The General Banking Law of 2000 (Republic Act 8791) was enacted in May 2000, repealing PDIC’s authority to conduct independent examination of banks. Examination authority was limited to banks granted or are availing of financial assistance and banks applying for reinstatement of insured status.

2004  Republic Act 9302, or the amendments to the PDIC Charter, was passed into law. The amendments aimed to provide increased depositor protection. Major provisions included: o increase in the maximum deposit insurance coverage to PhP250,000 from PhP100,000; o restoration of PDIC’s authority to examine banks with prior approval by the Monetary Board; o continuing insurance coverage of banks; o grant of financial assistance to distressed banks under systemic risk conditions; o authority to investigate banks on frauds, irregularities and anomalies based on complaints received and reports of bank examinations; o and enhancement of PDIC’s receivership and liquidation authority.

2009  The PDIC Charter was amended with the passage of Republic Act 9576 that took effect on June 1, 2009. The most significant provisions are: o increase in the maximum deposit insurance coverage from PhP250,000 to PhP500,000; o grant of the flexibility to adjust the maximum deposit insurance coverage in case of a condition that threatens the monetary and financial stability of the banking system, subject to the approval by the President of the Philippines; o and grant of institutional and financial strengthening measures to mitigate moral hazard caused by the increase in insurance coverage and to beef up the level of the Deposit Insurance Fund.

 The PDIC adopted its Corporate Governance Code and implemented the Citizen’s Charter.

2011  The PDIC expanded the threshold for waived filing of deposit insurance claims to PhP10,000 from PhP5,000.

2012  PDIC implemented various innovations to further streamline procedures in claims settlement. Among these initiatives are the expansion of the ceiling for waived filing of claims to PhP15,000 from PhP10,000; outright payment for valid deposit accounts through the postal money order (PMO) scheme and; the adoption of a Project Management Team approach in claims settlement operations of closed banks. All these resulted in the faster reimbursement of depositors’ hard-earned money and overall, improved PDIC’s deposit insurance operations.

2014  Bills amending the PDIC Charter to enhance its authorities were filed with the House of Representatives and the Senate. House Committee on Banks and Financial Intermediaries Chairman Rep. Nelson “Sonny” Collantes filed House Bill 4392 on May 12. A Senate counterpart bill was filed by Sen. Sergio Osmeña III, Chairman of the Senate Committee on Banks, Financial Institutions and Currencies. Among the proposed amendments is an enhanced resolution and liquidation framework to strengthen bank resolution and enhance depositor protection as well as align the Philippine deposit insurance system with international standards.

2015  PDIC issued the Rules and Regulations Governing Computerized Records of Bank Deposits, a set of regulations on computerized deposit record-keeping to efficiently determine the amount of insured bank deposits and enable prompt and accurate reimbursement of deposit insurance claims.  The maximum amount of deposits eligible for early payment of deposit insurance claims was doubled to PhP100,000 from the previous ceiling of PhP50,000. Under this expansion, more depositors were provided immediate access to deposit insurance and more convenience as payments are mailed to their addresses.

2016  Republic Act No. 10846 amending the PDIC Charter or the deposit insurance law was signed into law on May 23, 2016. The law will benefit the depositing public through strengthened depositor protection, minimized disruption in the financial system, continued access to banking services, and alignment of PDIC processes with international best practices. RA 10846 took effect on June 11, 2016.

2022 Republic Act No. 11840 has amended the Charter of the PDIC and provided enhanced authorities to the state deposit insurer to further strengthen and expand the financial safety net for depositors and creditors of Philippine banks. The latest amendments to the PDIC Charter lapsed into law on June 17, 2022, 30 days after the Bill was presented by Congress to the Office of the President of the Republic of the Philippines. The law took effect on July 20, 2022.

Among its salient provisions are: ➢ PDIC may now adjust the maximum deposit insurance coverage (MDIC) based on inflation and other relevant economic indicators without the need for legislation. The MDIC is up for revisiting every three years and the PDIC Board of Directors is authorized to increase it, if necessary. ➢ The law also reclassifies the PDIC as an attached agency of the Bangko Sentral ng Pilipinas (BSP) vice the Department of Finance. Under this structure, both the BSP and PDIC can optimize regulatory coordination efficiency. ➢ The PDIC is now mandated to provide insurance cover to Islamic bank products or arrangements classified as deposits by the BSP. Because of the peculiar characteristics of Islamic banking, the amended Charter authorizes the PDIC to establish a separate deposit insurance fund or takaful to cover these types of deposit products. ➢ The PDIC now has the authority to sell closed bank assets to financial institution strategic transfer corporations (FISTCs).

The Implementing Rules and Regulations for R.A. No. 11840 was jointly signed by PDIC President and CEO Roberto B. Tan, BSP Governor and PDIC Chairperson Felipe M. Medalla, and Finance Secretary and PDIC Vice Chairperson Benjamin E. Diokno through a virtual ceremony on September 30, 2022. The IRR will guide the implementation of the amended PDIC Charter and is seen to further strengthen the deposit insurance system for the benefit of the depositing public. The IRR took effect on October 26, 2022.

Milestone Corporate Events

1970  The first claims settlement operations (CSO) was conducted in the closed Rural Bank of Nabua as authorized by the PDIC Board on July 6, 1970. Initially, one claim agent was assigned to handle the CSO. A transfer deposit scheme with the Rural Bank of Rinconada was later arranged to facilitate deposit insurance claims payment.

1992  PDIC’s office building/headquarters located at 2228 Pasong Tamo Street, Makati City was inaugurated.

1993  For the first time, PDIC exercised its authority to terminate the insured status of 25 delinquent banks.  Depositors Protection Bureau, a quick response action desk to service depositor queries and complaints, was launched. This is in support of the “Mamamayan Muna, Bago Mamaya Na” program of the Civil Service Commission.

1995  Takeover and presettlement examination activities were jointly and simultaneously implemented, resulting in a shortened turnaround time from bank takeover to start of claims settlement operations.

2003  Presidential Proclamation No. 358 was signed on April 4, 2003, declaring June 16 to 22 of every year as the Depositor Protection and Awareness Week (DPAW). The issuance aims to further strengthen depositor confidence in the country’s banking system to complement the government’s thrust of sustaining economic growth.

2013  The International Association of Deposit Insurers (IADI) bestowed the “Deposit Insurance Organization of the Year” Award for 2013 to the Philippine Deposit Insurance Corporation in recognition of its significant achievements in banking resolutions and payouts, core principles and international participation, and deposit insurance system improvements. The award was presented during the 12th IADI Annual General Meeting held in Buenos Aires, Argentina on November 7, 2013. During the courtesy call on Finance Secretary and PDIC Chairman Cesar V. Purisima on December 10, 2013 to present the DIO of the Year award, Purisima congratulated the entire PDIC workforce for the international recognition and commended the Corporation for living up to the advocacy for good governance in Philippine institutions.

 PDIC launched the guidebook, Usapang Pera: A PDIC Guidebook on Basic Banking and Financial Transactions, in June during the IADI International Conference on Financial Inclusion. The local launch of Usapang Pera followed in August attended by representatives from financial regulators, the banking industry, partner-agencies and members of the academe. The Guidebook was written by finance author and Registered Financial Planner, Mr. Efren Ll. Cruz.

 The Bangko Sentral ng Pilipinas (BSP) issued for public circulation 50-peso commemorative bills to commemorate PDIC’s 50th year.

 The PDIC partnered with the Philippine Postal Corporation (PHLPost) for the issuance of PDIC commemorative stamps in celebration of PDIC’s milestone 50th year anniversary. The commemorative stamps were circulated in more than 1,000 post offices nationwide and in over 190 Philippine postal administrations worldwide. This was officially launched on December 16, 2013.

2015  PDIC led the groundbreaking ceremony for the PDIC-Gawad Kalinga Village in Lawaan, Eastern Samar funded by the proceeds from the PDIC benefit run, “Takbo sa Pagbangon ng Leyte” on January 31, 2015.

 PDIC launched a more visually appealing, streamlined, user-friendly website for greater usability to help ensure that the general public and its clients find important information on PDIC and deposit insurance faster and more efficiently.

 PDIC inaugurated its Public Assistance Center (PAC), a convenient one-stop shop for depositors, borrowers and all stakeholders who transact with the Corporation. The PAC is where depositors file claims, borrowers settle loans, creditors file claims against the assets of closed banks, and prospective buyers inquire about assets for sale. The PAC is located at the 3rd Floor, SSS Bldg., Ayala Ave. corner V.A. Rufino St., Makati City.

2016  PDIC’s official Facebook and Twitter accounts were launched during its 53rd anniversary to promote social media presence, actively engage the public, address the information needs of depositors, and increase public awareness on deposit insurance to promote depositor protection and financial stability.

2017  As part of PDIC’s institutionalization of its corporate brand, the new PDIC logo was approved in October 2017 by the Office of the President following the endorsement of the National Historical Commission of the Philippines (NHCP). The new logo embodies PDIC’s brand qualities as an efficient, effective, responsive, and caring government institution.

2018  On its 55th anniversary on June 22, PDIC launched its corporate brand and new logo. The new logo was complemented by the new PDIC insurance statement and corporate tagline which the PDIC Board of Directors approved in October 2018. From the previous “Member: PDIC”, the new approved statement is now “Deposits are insured by PDIC up to P500,000 per depositor”. Meanwhile, the approved corporate tagline is now: “Bank deposit mo, protektado!”

2019  The PDIC successfully conducted the pilot run of the PDIC Caravan – Abot Lingkod Program on 18-20 June 2019 in Davao City, bringing its frontline services closer to its regional stakeholders. The pilot run coincided with the observance of the 17th Depositor Protection and Awareness Week (DPAW) on 16-22 June 2019 with PDIC’s corporate tagline “Bank deposit mo, protektado!” as the theme.

2021  The PDIC mounted its nationwide, multi-platform public awareness campaign called “Maniguro, Magbangko” during the observance of the 19th Depositor Protection and Awareness Week (DPAW) on June 16-22, 2021. Through radio and TV commercials; and social media materials, the campaign promoted the mindset and lifestyle of saving in banks as a way to safeguard one’s future amidst life’s uncertainties, especially in a time of pandemic.

 The newly renovated 8-storey PDIC Chino Bldg. was blessed and inaugurated on 23 December 2021, marking the PDIC’s homecoming to its original headquarters location. PDIC President Roberto B. Tan led the ceremonial ribboncutting and the unveiling of the PDIC Chino Bldg. dedication marker. More than a memento of the historical moment, the dedication marker paid tribute to the contributions of employees then and now to the success of the Corporation.

2022  Starting January 2022, the PDIC made its services more accessible to stakeholders in two office locations – at the PDIC Chino Bldg. and at the SSS Building on Ayala Avenue, both in Makati City.

 In November 2022, the PDIC hosted the Technical Assistance Workshop of the IADI Asia-Pacific Regional Committee, anchored on the theme, “Boosting Depositor Confidence During Uncertain Times”. The virtual workshop facilitated discussions focusing on two IADI Core Principles (CP) for Effective Deposit Insurance Systems, particularly the CPs on Public Awareness and Reimbursing Depositors.

2023 Further expanding its presence and contribution in the global deposit insurance arena, the PDIC hosted in March 2023 the Joint Task Force Meeting (JTF) of the IADI Asia-Pacific Regional Committee (APRC) held in Makati City. The APRC-JTF is a multi-jurisdictional group formed by the APRC to review the Committee’s strategic plan and formulate the APRC’s priorities and action plan in the medium-term.

The PDIC turned 60 on June 22, 2023. The milestone diamond anniversary was celebrated by the PDIC family through its 60th Anniversary Gala anchored on the theme, “60 Years of Championing Depositor Protection and Fostering Financial Stability”. The event, honoring PDIC’s internal stakeholders, was held on 23 June 2023 at the Philippine International Convention Center.

A decade after their previous partnership, the PDIC once again collaborated with the Philippine Postal Corporation (PHLPost) for the issuance of a new set of PDIC commemorative stamps in celebration of PDIC’s milestone 60th year anniversary. The commemorative stamps feature the diamond-inspired 60th anniversary logo and the PDIC’s anniversary theme, “60 Years of Championing Depositor Protection and Fostering Financial Stability.” The stamps were launched during the PDIC’s 60th Anniversary Gala on June 23, 2023.

Corporate Initiatives and Innovations

1988  The World Bank report on strengthening the financial sector was completed and recommended a greater role for PDIC in the supervision/examination of banks and in handling distressed banks. The World Bank recommended that PDIC be appointed mandatory receiver and liquidator of closed banks, and its financial and manpower resources reinforced. As a result, PDIC crafted the Institutional Strengthening Program that laid the groundwork for an institutional/organizational restructuring to address the expanded function; setting of upgraded standards, hiring procedures and intensive training programs; and innovations in systems and procedures with emphasis on computerization and automation.

1989  Liquidity pools were set up to contribute to the stability in the rural banking system by immediately addressing temporary liquidity requirements of rural banks. Under this scheme, rural banks contributed a portion of their liquid assets which Land Bank of the Philippines (LBP) matched. The funds were invested in high-yield, risk-free government securities, which can be availed of by rural banks in case liquidity problems arise. Further, PDIC maintained a credit line in case more funds are needed. There were 27 liquidity pools created composed of 429 rural banks from 1989 to 1993.

1990  PDIC joined a World Bank mission, with then Central Bank (CB) and Land Bank of the Philippines, that established the Countryside Financial Institutions Enhancement Program (CFIEP) aimed at transforming rural banks into formidable agents of countryside development. The program helped rural banks to reduce the burden of debt to CB, raise capital, attain economies of scale and become more competitive in the banking system. CFIEP Module 1 provided for infusion of fresh equity from existing stockholders and new investors. Module 2 focused on incentives in enhancing capital while Module 3 provided incentives for mergers and consolidations.

1996  Innovations were implemented to improve claims settlement operations: a. approval of scheme allowing immediate payment of claims with balances not exceeding PhP500 after these are validated, instead of being subject to rigorous examination b. direct cash payment of insured deposit accounts with balances not exceeding PhP1,000 c. simplification of documentary requirements to support claims for accounts of deceased depositors with deposit balances not exceeding PhP5,000 d. establishment of Emergency Pay-out Facility to enable PDIC to quickly/promptly respond to humanitarian needs of depositors of closed banks. The facility allows the PDIC President to approve payment of the actual amount of claims or PhP5,000, whichever is lower, even before the official start of the claims settlement operations in a closed bank. Said threshold was subsequently increased up to the MDIC of PhP100,000.

1997  For the first time, PDIC conducted examination of deposit records in two (2) operating banks in response to mounting complaints of depositors of non-servicing of their withdrawals. Examination of individual deposit records was made possible through waiver of depositors’ rights under the Law on Secrecy of Bank Deposits (Republic Act 1405).

2001  The PDIC website, www.pdic.gov.ph, was officially uploaded in January 2001.

2002  PDIC became a founding member of the International Association of Deposit Insurers (IADI).

2005  The PDIC started exercising its restored examination authority as well as its new investigative powers.  The PDIC collaborated with the Department of Education for a nationwide public awareness and depositor education campaign through the curriculum integration project, PDIC-Basic Secondary Education Module Development Project. The Project successfully integrated the concepts of PDIC, deposit insurance and responsible saving in the secondary education curriculum through Teacher’s Guides in values education and economics.

2007  In line with the PDIC’s advocacy on financial literacy and consumer protection and education, PDIC signed two memoranda of understanding with the education sector, one with the Coordinating Council of Private Educational Associations (COCOPEA) for private secondary schools and another with the Commission on Higher Education and the Philippine Council of Deans and Educators in Business to promote financial literacy and responsible banking through their respective curricula.  PDIC provided member-banks an online collection facility to ensure convenience, expeditious collection of assessments, and enhanced reporting, monitoring and reconciliation system of assessment.

2009  PDIC launched the Be a Wise Saver (BAWS) campaign, a pioneering advocacy on safe and responsible banking. The BAWS campaign was undertaken in collaboration with the Bangko Sentral ng Pilipinas and the four major bank associations namely, the Bankers Association of the Philippines, Chamber of Thrift Banks, Rural Bankers Association of the Philippines, and the Bank Marketing Association of the Philippines, making it the first industry-wide advocacy campaign on responsible banking in the country.

 The PDIC and the Philippine Judicial Academy signed a Memorandum of Understanding on June 3, 2009 to promote a deeper understanding of deposit insurance through the conduct of seminar-workshops for the judicial community. The first PDIC-PHILJA seminar-workshop was undertaken on June 19, 2009 for Regional Trial Court (RTC) judges in the National Capital Region.

 During the year, the PDIC laid down the foundation for new initiatives aimed at revitalizing the banking sector, particularly rural banks through the Strengthening Program for Rural Banks (SPRB) funded at PhP5 billion and the SPRB’s support program, the Investor-Investee Helpdesk. The SPRB is a joint program of PDIC and the Bangko Sentral ng Pilipinas that aims to encourage mergers and consolidations among rural banks to further strengthen the rural banking system.

2010  The PDIC launched the Strengthening Program for Rural Banks and the Investor-Investee Helpdesk.

2012  The BSP and PDIC jointly approved the Strengthening Program for Rural Banks Plus (SPRB Plus) that included strong and well-managed thrift and commercial banks and non-bank corporations among eligible Strategic Third Party Investors (STPIs) or “white knights” entitled to incentives when investing in distressed rural banks.

 PDIC signed a memorandum of agreement with the Land Bank of the Philippines (LBP) that introduced two new payment schemes to service the payment of deposit insurance claims of depositors of closed banks: 1) Through Manager’s Check issued by LBP; and 2) By crediting deposit insurance payment to the depositors’ existing or newly-opened LBP accounts.

 PDIC launched its Compendium of PDIC Regulatory Issuances and Bulletins to banks to heighten awareness on rules and regulations on deposit insurance and banking.

 The PDIC and the Philippine Judicial Academy (PHILJA) renewed their partnership to promote depositor protection and financial stability through a Memorandum of Understanding (MOU) for the conduct of the 5th Seminar-Workshop on Deposit Insurance, Banking Practices and Bank Conservatorship, Receivership and Liquidation aimed at enhancing the understanding of members of the Judiciary of banking jurisprudence particularly on PDIC’s mandates.

2013  The PDIC and the World Bank teamed up to enhance bank surveillance and depositor protection through a technical assistance on the PDIC Financial Modeling Project for Deposit Insurance. The partnership was aimed at designing bank stress-testing and bank failure prediction models to enhance PDIC’s ability to manage and ensure the adequacy of the Deposit Insurance Fund (DIF), mitigate risks to the DIF, and improve PDIC’s surveillance and oversight capabilities over banks. The World Bank turned over the stress-testing model to the PDIC in June while the bank failure prediction model was turned over in September 2013.

 The PDIC activated its toll-free line (1-800-1-888-PDIC or 1-800-1-888-7342) to enable depositors outside Metro Manila to have access to the Corporation through their landlines and mobile phones at their convenience.

 The PDIC forged cross-border agreements and signed joint communiqués to promote international cooperation with its counterparts from Japan, Malaysia and the USA.

 The BSP and PDIC signed a memorandum of agreement (MOA) to enhance their functions in the conduct of joint bank examinations. The MOA amended a previous agreement on the exchange of relevant information between the BSP and PDIC.

 On December 19, 2013, the Be a Wise Saver (BAWS) campaign was expanded to include the working sector. The PDIC, the Government Service Insurance System (GSIS) and the Social Security System (SSS) signed a tripartite memorandum of understanding (MOU) to promote financial literacy among GSIS and SSS retirees and members. Usapang Pera: Mga Dapat Alamin, PDIC’s financial literacy guidebook on basic banking and financial transactions, will be among the primary information materials for the campaign. Under the MOU, the three agencies agreed to regularly conduct financial literacy lectures and seminars for GSIS and SSS members.

2014  Strengthening Program for Rural Banks Plus (SPRB Plus), the joint bank-strengthening incentive program of the PDIC and the BSP, was extended for another year to promote mergers and consolidations of rural banks. Consistent with the recently passed Rural Banks Act, SPRB Plus relaxed the required ownership level of Strategic Third Party Investors in banks being rescued from the previous 67% to 60%. The BSP and PDIC also incorporated incentives for mergers involving banks that were affected by supertyphoon Yolanda which devastated the country in November 2013.

 On June 18, 2014, during the commemoration of the Depositor Protection and Awareness Week (DPAW), the PDIC launched the Deposit Insurance eCalculator, a web-based interactive tool that helps depositors compute their insured deposits. The facility aims to empower depositors with information to enable them to protect their deposit accounts in banks.

 The PDIC, in partnership with the members of the Financial Sector Forum (FSF), developed “Ipon-Ipon Din”, an advocacy video aimed at educating college students on the importance of saving in banks. The pilot viewing of “Ipon-Ipon Din” was conducted during the launch of the Deposit Insurance eCalculator on June 18, 2014. “Ipon-Ipon Din” may be viewed at http://www.youtube.com/watch?v=ZSQDMUHZ_k.

 The PDIC entered into a cross-border partnership with the Korea Deposit Insurance Corporation to address and mitigate systemic risks in the global financial system. The partnership was formalized through a signing of memorandum of understanding (MOU) between PDIC President Valentin A. Araneta and KDIC Chairman and President Joo Hyun Kim on July 23, 2014. The MOU will foster cooperation through exchange of information, technical inquiries, and exchange of experts and staff; and conduct of bilateral meetings.

 PDIC and the Deposit Protection Agency of Thailand (DPA) signed an agreement on cross-border cooperation and information-sharing on November 20, 2014. PDIC President Cristina Q. Orbeta and DPA President Sorasit Soontornkes signed the memorandum of understanding (MOU) that aims to address and mitigate risks in the global financial system as well as to respond to the need for international cooperation among financial safety-net players.

 The PDIC partnered with Gawad Kalinga Community Development Foundation, Inc. to implement its Corporate Social Responsibility (CSR) program that advocates for the protection of the environment and the balanced development of communities. To kickstart PDIC’s CSR program, the PDIC led “Takbo sa Pagbangon ng Leyte” on May 4, 2014 at the PNB Financial Center in Pasay City. It was a benefit run aimed at rebuilding homes of supertyphoon Yolanda victims. Around 3,000 runners participated in the benefit run.

2015  PDIC signed a cross-border agreement with the Financial Services Compensation Scheme Limited (FSCS) of the United Kingdom to strengthen cooperation, promote mutual development and improvement, and support regional and global financial stability. The agreement was signed on March 11 in Bogota, Colombia during the 44th International Association of Deposit Insurers (IADI) Executive Council Meeting, Regional & Standing Committee Meetings and Latin America & North America Regional Joint Conference.

 PDIC partnered with the Komisyon sa Wikang Filipino (KWF) for the translation of information materials for the Be a Wise Saver (BAWS) campaign, PDIC’s flagship financial literacy program, into major Philippine languages to make the BAWS campaign more inclusive, relevant and easier-to-understand for target stakeholders.

 The National Strategy for Financial Inclusion (NSFI) framework was crafted by an interagency committee composed of the PDIC, Bangko Sentral ng Pilipinas, Department of Finance, Department of Education, Department of Trade and Industry, Department of Social Welfare and Development, Department of Budget and Management, National Economic and Development Authority, Insurance Commission, Commission on Filipinos Overseas, Securities and Exchange Commission, and the Cooperative Development Authority. The NSFI framework provides for a coordinated and systematic approach toward the development of a financial system that is accessible and responsive to the needs of the people. The NSFI was officially launched on July 1, 2015.

 On July 15, 2015, PDIC renewed its strategic alliance with the Philippine Judicial Academy (PHILJA) through a memorandum of understanding (MOU) that aims to engage the members of the Judiciary in understanding PDIC’s mandate, and the challenges it has to contend with in the course of its operations, particularly fraud, irregularities and anomalies.

 On August 25, 2015, PDIC, Bangko Sentral ng Pilipinas and Land Bank of the Philippines signed a memorandum of agreement to implement the Consolidation Program for Rural Banks (CPRB), a bank strengthening program that promotes the consolidation of at least five rural banks whose head office or majority of branches are located in the same region. Aside from capital build-up, CPRB provides support for other services such as financial advisory, business process improvement, and capability-building support for rural banks. CPRB will be available until August 2017.

 On October 29, 2015, PDIC and the Indonesia Deposit Insurance Corporation (IDIC) signed a Memorandum of Understanding (MOU) to enhance the effectiveness of both agencies' deposit insurance systems and enable them to carry out their mandates to protect depositors through information and expertise sharing and bilateral cooperation. The agreement was signed during the 14th International Association of Deposit Insurers (IADI) Annual General Meeting and Annual Conference and the 46th IADI Executive Council Meeting held in Kuala Lumpur, Malaysia.

2016  PDIC partnered with the Land Registration Authority (LRA) through a memorandum of agreement that authorized the setting up of an LRA Extension Office at the PDIC premises. The partnership is aimed at ensuring the efficiency of PDIC operations. As receiver and liquidator of closed banks and as a corporate/government entity, PDIC routinely needs to verify land titles of real properties to expedite transactions of clients and liquidation of assets of closed banks. The LRA Extension Office was inaugurated on June 23, 2016 during PDIC’s 53rd Anniversary program.

2017  PDIC and the Philippine Judicial Academy (PhilJA) on August 10, 2017 renewed their partnership for the conduct of the 9th Seminar-Workshop on Deposit Insurance, Banking Practices, and Bank Conservatorship and Liquidation for the Judiciary through a Memorandum of Agreement (MOA) signed by PDIC President Roberto B. Tan and PhilJA Chancellor Justice Adolfo S. Azcuna. The 9th PDIC-PhilJA seminar-workshop was held on August 15–16, 2017 at the Bayview Hotel in Pasay City for Regional Trial Court (RTC) judges from Regions 1 to 3.

 PDIC, Bangko Sentral ng Pilipinas (BSP) and Land Bank of the Philippines re-launched the enhanced guidelines of the Consolidation Program for Rural Banks (CPRB) which is available from October 26, 2017 up to October 26, 2019. The enhanced CPRB guidelines outlined more flexible terms to be able to create better opportunities for rural banks to further strengthen and enhance their viability.

 PDIC and the Bureau of Internal Revenue (BIR) have agreed to facilitate a more efficient resolution of tax-related transactions of closed banks under PDIC liquidation. This was institutionalized through a BIR Memorandum Circular issued in November 2017 directing the centralization of these tax transactions of all closed banks to Revenue District Office No. 48 in Makati City.

2018  Cross-border cooperation agreements were forged in 2018 with the State Corporation Deposit Insurance Agency Russian Federation (DIA) and the Deposit Insurance of Vietnam (DIV). The agreement with the DIA was signed on May 29, 2018 in Moscow, Russia during the 55th Executive Council Meeting and International Conference of the International Association of Deposit Insurers (IADI), while the agreement with the DIV was signed on November 12, 2018 at the PDIC office in Makati City. The agreements provide for exchange of knowledge, experience and views on the implementation of internal standards to enhance the effectiveness of deposit insurance systems. Both agreements shall be effective for five years.

2019  In the pursuit of promoting public confidence in the Philippine banking system, PDIC engaged the services of Kantar Philippines, Inc. to conduct the first ever nationwide public awareness survey in February. The survey’s aim was to gauge public awareness and perception of PDIC and deposit insurance. Survey results showed that 15% of respondents are aware of PDIC in relation to its core mandate. The resulting baseline data will be used to design and implement efficient and responsive communication programs and activities to enhance depositor protection and promote financial stability.

 The PDIC Strategy Map was formulated. It consists of a revitalized Vision statement, a clearer Mission statement and reinforced set of Core Values, together with the updated strategic objectives for 2020-2023. The Strategy Map will serve as PDIC’s blueprint for the next four years.

 PDIC issued Regulatory Issuance No. 2019-01 on the Revised Rules and Regulations on the Use of PDIC Seal and Advertisement of PDIC Membership and Deposit Insurance Coverage under Republic Act No. 3591, as amended in October 2019. It prescribes the guidelines, procedures and standards on the use, display requirements, and procurement of the PDIC seal, official insurance statement and official signs such as the decal/sticker, desktop standee, and the electronic image for ATMs. These new seals of depositor protection inspire depositor confidence in the banking system.

 PDIC renewed its Memorandum of Understanding with Korea Deposit Insurance Corporation (KDIC) to provide a platform for information-sharing and other beneficial arrangements that will facilitate cross-border cooperation for depositor protection.

2020  In response to the Covid-19 pandemic, the PDIC launched its “We Heal as One PDIC” campaign to protect the health and safety of its employees and clients. The campaign aims to help the whole PDIC embrace the new normal by keeping employees and the workplace safe, and providing uninterrupted services to its stakeholders.

 In support of the Government’s efforts to implement measures and programs providing assistance to those affected by the slowdown in economic activities because of the pandemic and the community quarantine, the PDIC implemented the grant of payment relief measures, starting 15 March 2020, for its clients, with payments for loans, real property purchases and lease, falling due during the enhanced community quarantine period.

 Under the joint initiative of the PDIC, Bangko Sentral ng Pilipinas (BSP) and Land Bank of the Philippines (Landbank), a new program called the Countryside Financial Institutions Enhancement Program - 2020 Calamity Assistance Program (CFIEP - 2020 CAP) was launched to assist countryside financial institutions (CFIs) affected by natural calamities, man-made disasters, and viral infections and outbreaks such as the Covid-19 pandemic. The new program, which will be available until 15 May 2025, will lend funds to eligible cooperative banks, rural banks and thrift banks to provide additional liquidity for relending, particularly to the agricultural sector.

 In accordance with the Government’s implementation of the Bayanihan to Recover as One Act (BARO), the PDIC implemented a new payment relief measure covering payments for loans and purchased properties falling due on September 15 to December 31, 2020 for corporate and closed bank accounts that are existing and on current status. Under the payment relief, borrowers and property buyers are given a one-time 60-day extension of payment terms to commence from the payment due date which automatically extends the payment schedules of accounts on current status without additional interest, penalties and other charges by two months.

2021  The PDIC Vision was revised to be more attuned to the changing times. The revised Vision is now: “By 2023, PDIC will be a leading institution in governance, recognized for its operational excellence in depositor protection and responsiveness to the changing times.”

 On February 26, 2021, the PDIC launched its electronic bidding (e-bidding) portal at https://assetsforsale.pdic.gov.ph. The Corporation shifted to electronic bidding as its new normal protocol for disposal of corporate and closed banks’ assets, particularly real properties. The PDIC e-bidding portal is a convenient and user-friendly platform for property hunting and buying.  Together with its partner-agencies in the Financial Sector Forum (FSF), the PDIC signed a Memorandum of Agreement in February 2021 for the establishment of a Cooperative Oversight Framework on financial technology (fintech) innovation. The framework, which will cover all financial institutions performing multiple regulated activities using a single application platform, aims to facilitate seamless regulation and supervision of fintech companies.

 Together with its partner-agencies in the Financial Sector Forum (FSF), the PDIC signed a Memorandum of Agreement in February 2021 for the establishment of a Cooperative Oversight Framework on financial technology (fintech) innovation. The framework, which will cover all financial institutions performing multiple regulated activities using a single application platform, aims to facilitate seamless regulation and supervision of fintech companies.

 In September 2021, the PDIC officially rolled out the Closed Bank Loan Incentive Program (CLIP), an easy payment and zero penalty initiative to assist borrowers of banks. The Program provides incentives to borrowers of closed banks to immediately settle their outstanding loans obligations to enable them to maintain their credit worthiness. CLIP aims to optimize recovery from liquidation for the benefit of closed bank creditors.

 The PDIC, Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Cooperative Development Authority, and the Philippine Competition Commission signed a multi-agency agreement to streamline the merger, consolidation, and acquisition (MCA) process among banks on November 5, 2021. Initiated by the PDIC, the multi-agency project, which is the first of its kind among financial regulators, aims to harmonize the requirements and synchronize the timelines in the processing of MCA proposals of banks in support of the Ease of Doing Business Act.

The PDIC and the Development Bank of the Philippines (DBP) signed on 29 December 2021 a Memorandum of Agreement (MOA) that will enable the state deposit insurer to avail of DBP’s Multi-Channel Disbursement Facility (MCDF) for the prompt payment of deposit insurance claims of closed bank depositors. The MCDF provides a number of payment avenues for the convenience and safety of affected depositors. This includes Intrabank Credit Services and payment through the PESONet composed of participating banks and e-money issuers. The MCDF will complement the current PDIC payment channels such as Postal Money Orders, checks, Cash-over-the-Counter scheme with Land Bank of the Philippines, and Real Time Gross Settlement (RTGS)/Bank Transfer.

2022 The Financial Sector Forum (FSF), composed of the PDIC, Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), and Insurance Commission (IC) signed the Memorandum of Understanding (MOU) on 25 January 2022 on the Establishment of Supervisory College for Financial Conglomerate Supervision to serve as a forum in facilitating supervisory cooperation and coordination between and among FSF members. The MOU also provides a framework to establish an interagency cross-sectoral Supervisory College to effectively supervise financial conglomerates.

The PDIC issued in January 2022 its Regulatory Issuance (RI) No. 2021-01, enjoining banks to implement the Revised Rules and Regulations on Record-Keeping of Bank Deposits and Reportorial Requirements from Banks. The RI, which took effect on 8 February 2022, implements key provisions of the PDIC Charter (Republic Act 3591, as amended), by requiring banks to keep and maintain a true and accurate record or statement of their daily deposit account transactions, consistent with the applicable standards set by the PDIC and the Bangko Sentral ng Pilipinas. These provisions aim to safeguard the interest of the depositing public, evaluate the deposit insurance risk of banks, and enable the PDIC to determine the insured status of deposits in banks.

The PDIC issued on 27 May 2022 the Implementing Guidelines for the Streamlined Procedures for Applications for Mergers, Consolidations and Acquisitions (MCA) of Banks to guide banks intending to merge or consolidate with, or acquire the assets and assume the liabilities of another bank. The Implementing Guidelines cover the procedures for the submission of applications by the proponent banks, the process of assessing the completeness of documents they submitted, and the evaluation process for the MCA application. The Guidelines were crafted by PDIC along with the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Cooperative Development Authority, and the Philippine Competition Commission.

In October 2022, the PDIC issued a Bulletin to banks to inform them that the consent of the PDIC to mergers, consolidations and acquisitions of banks is no longer required, as provided under Republic Act No. 11840, which amended certain provisions of the PDIC Charter.

The Financial Stability Coordination Council (FSCC) released in June 2022 the Systemic Risk Crisis Management (SRCM) Framework in line with its mandate to continuously enhance the resilience of the country’s financial system. The SRCM framework identifies key actions required to assess, categorize, manage, and communicate systemic risks. The framework covers continuous surveillance of risk-related trends, review of infrastructures, conduct of systemic stress tests, and arrangements for communication, both under normal and stressed conditions. It also has a particular focus on climate-related and cyber security risks. The FSCC is composed of the PDIC, Bangko Sentral ng Pilipinas, Department of Finance, Securities and Exchange Commission, and the Insurance Commission.

To ensure the Corporation’s readiness to handle a financial crisis, the PDIC conducted in September and November 2022 crisis simulation exercises among its key units involved in takeover, deposit insurance operations, and crisis communication during bank closures. The simulation exercises were conducted aligned with the PDIC Board-approved Integrated Crisis Management Plan (ICMP).

2023 The PDIC implemented the enhanced version of its incentive program for borrowers of closed banks. Dubbed Closed Bank Loan Incentive Program 2.0 (CLIP 2.0), the program aims to help borrowers of closed banks make loan settlement lighter by way of incentives in the form of discounts and waivers. CLIP 2.0 increased the loan amount threshold to cover more borrowers. Under CLIP 2.0, borrowers with up to P5.0 million in outstanding principal balances are eligible to apply for loan incentives based on the year their bank was closed and whether their loans are clean or secured. Borrowers with clean loan in banks closed starting in 2022 may avail of the CLIP 2.0 incentives within one year from December 21, 2022 or from their receipt of the Notice from the PDIC, whichever comes later. CLIP 2.0 was approved by the PDIC Board of Directors in December 2022.

On November 23, 2023, the PDIC and the Land Bank of the Philippines (LBP) held a signing ceremony for the implementation of the PDIC-LandBank Visa Debit Card Project, which will provide depositors of closed banks an additional means to promptly access their deposit insurance payment from the PDIC. The joint PDIC-LBP Project is in line with the government’s thrust to promote financial inclusion and more efficient public service delivery by optimizing digital technology.

Accomplishments, Awards and Recognition

2006  The Institute of Corporate Directors cited the PDIC as the number two best-governed Government Owned and Controlled Corporation (GOCC) in the country based on the inaugural conduct of the Corporate Governance Scorecard Initiative.

2008  The PDIC’s Financial Literacy Project with the Department of Education was recognized during the first “Gawad Pampublikong Korporasyon Award” from the Office of the Government Corporate Counsel for its contribution to depositor protection through financial literacy education.

2010  Certification International Philippines, Inc. (CIPI) certified PDIC’s Quality Management System for claims settlement operations to ISO 9001:2008 standards.

2011  PDIC’s quality management system for claims settlement operations (CSO) sustained its certification for ISO 9001:2008 standards.

2014  PDIC won in February 2014 the prestigious Anvil Award of Merit under the category of Special Publications – Public Relations Tools for its financial literacy guidebook Usapang Pera: Mga Dapat Alamin at the 49th Anvil Awards organized by the Public Relations Society of the Philippines. The guidebook was recognized for its excellence as a public relations tool aimed at helping promote financial literacy in the country.

2016  PDIC’s official newsletter, Intercom, won the prestigious Anvil Silver Award for Public Relations Tools during the 51st Anvil Awards Night on February 26, 2016. The much-coveted award by the Public Relations Society of the Philippines (PRSP) was in recognition of the Intercom's achievements in showcasing a memento of the milestones achieved together by the PDIC workforce.

 PDIC won the Award for Excellence for being the best-governed government-owned or -controlled corporation (GOCC). The Governance Commission for GOCCs (GCG) and the Institute of Corporate Directors (ICD) bestowed the top award to PDIC for achieving the highest score of 94.5 among 90 GOCCs, on the Corporate Governance Scorecard for GOCCs (CGS) jointly implemented by the GCG and the ICD. The CGS rates the GOCCs' policies and practices in stakeholder relations, disclosure and transparency, and responsibilities of their respective Boards. The award was presented during PDIC’s PRAISE Awards and 53rd anniversary program on June 23, 2016.

 The Quality Management System (QMS) for PDIC’s Claims Settlement Operations (CSO) was certified by TÜV Rheinland Philippines, Inc. to ISO 9001:2008 standards in recognition of PDIC's continuous efforts to enhance its CSO and implement initiatives and processes to comply with international standards and global best practices.

 TÜV Rheinland Philippines, Inc. certified PDIC’s Quality Management System for the Assessment of Member-banks to ISO 9001:2008 standards.

2017  In March 2017, PDIC won two Silver Anvil awards for its Annual Report 2015 and its hosting of the 14th Annual Meeting and International Conference of the Asia-Pacific Regional Committee of the International Association of Deposit Insurers (IADI) in Iloilo City. The Anvil is spearheaded by the Public Relations Society of the Philippines (PRSP) to recognize outstanding PR programs and tools both in government and private sectors.

 PDIC was named Outstanding Financial Inclusion Partner by the Bangko Sentral ng Pilipinas (BSP) during the 2017 BSP Stakeholders Awards on July 11, 2017. This is in recognition of PDIC’s contribution to the BSP’s work to promote financial inclusion through policy regulation, capacity-building and consumer protection.

 On October 11, 2017, PDIC was recognized by the Government Quality Management Committee (GQMC) for obtaining ISO 9001 certifications for its quality management systems. ISO certifications attest that PDIC’s frontline services adhere to global management standards and meet the requirements and satisfaction of its stakeholders.

 PDIC was awarded a plaque of appreciation by the Philippine Postal Corporation (PHLPost) for the state deposit insurer’s continued trust and support for PHLPost in carrying out its deposit insurance mandate to the depositing public. The awarding was held on November 24, 2017 to commemorate PHLPost’s 250th milestone anniversary celebration.

 PDIC won an Award of Excellence from the Governance Commission for GOCCs (GCG) and the Institute of Corporate Directors (ICD) for obtaining the top score of 99.5% in the 2015 Corporate Governance Scorecard (CGS). The award was given during the Corporate Governance Scorecard Awards held at the Dusit Thani hotel on November 24, 2017. This is the second straight year that PDIC received the distinguished award.

 PDIC maintained its certification for its Assessment of Member-Banks in December 2017 under ISO 9001:2008 standards. The Corporation likewise obtained a certification under ISO 9001:2008 standards for another frontline service, Loans Management.

2018  On March 23, 2018, PDIC won a Gold Anvil Award in recognition of PDIC’s 2016 Annual Report (AR) “for its impressive testament, to conclude its AR Trilogy, that integrity, service commitment and excellence define PDIC’s brand of public service.” It is the Corporation’s first Gold Anvil Award for its communications and public relations tools and programs.

 Three of PDIC’s Quality Management System (QMS) successfully transitioned to ISO 9001:2015 standards after being previously certified under ISO 9001:2008 standards. TÜV Rheinland Philippines, Inc. issued the ISO certifications for the QMS on Claims Settlement Operations (May 2018), Assessment of Member Banks (July 2018) and Loans Management (July 2018). These certifications affirm PDIC’s commitment to improve its service delivery to the depositing public by constantly enhancing its processes to be in step with global best practices.

2019  The Intellectual Property Office of the Philippines (IPOPhil) signed and issued the Certificate of Registration that approved the trademark application for the new PDIC logo. This Certificate gives PDIC the exclusive right to use the logo and prevent others from using the same or similar marks on identical or related goods and services.

 The Civil Service Commission’s (CSC) Program to Institutionalize Meritocracy and Excellence in Human Resource Management (PRIME-HRM) recognized PDIC’s HRM systems at Maturity Level 2 (Accredited level) sustaining the 2018 level. The CSC awarded the PDIC a Certificate of Recognition, dated 2 February 2019, in acknowledgment of its HRM systems namely: Recruitment, Selection and Placement; Performance Management; Learning and Development; and Rewards and Recognition.

 The quality management system (QMS) for PDIC’s real property disposal operations was certified by TÜV Rheinland Philippines, Inc. as compliant with ISO 9001:2015 standards, bringing to four the total number of PDIC frontline services certified under the new ISO standards.

2020  The Corporation was awarded a Silver Anvil for the PDIC 2018 Annual Report during the Public Relations Society of the Philippines’ (PRSP) 55th Anvil Awards (Gabi ng Parangal) held on 28 February 2020. Entitled “A New Horizon,” the Report was recognized for showcasing various measures to strengthen the organization, promote good governance and employee empowerment.

 The PDIC’s quality management system for bank examination was included in the scope of certification for ISO 9001:2015 standards by certifying body TÜV Rheinland in December 2020. In its audit reports, TÜV Rheinland said that the PDIC has established and maintains an effective system to ensure compliance with its policy and objectives.

2021  The Securities and Exchange Commission (SEC) recognized the PDIC for being a champion of good corporate governance and for having worked with the SEC on the adoption and implementation of effective accounting and auditing standards, during the Commission’s 85th anniversary on November 12, 2021.

2022 The Governance Commission for GovernmentOwned or Controlled Corporations (GCG) recognized the PDIC as among the top GOCCs in the bureaucracy with “Outstanding” assessment rating in the GGC-implemented Corporate Governance Scorecard (CGS) for 2020.

The PDIC won two awards at the 19th Philippine Quill Awards organized by the International Association of Business Communicators (IABC) on 18 August 2022. The Corporation received an Excellence Award for its 2019 Annual Report entitled “Taking the Helm, Onward to a New Horizon” and a Merit Award for its “Maniguro, Magbangko” public awareness campaign. This is the PDIC’s first venture in the prestigious Quill awards, a milestone that was made more meaningful by winning not just one, but two awards, on its first try.

In September 2022, the PDIC was given a Certificate of Appreciation by the Civil Service Commission (CSC) for the initiatives and strategies that the Corporation implemented to promote employee wellness at the height of the Covid-19 pandemic.

For the second year in a row, the PDIC received a recognition from the SEC in November 2022 for supporting the SEC’s strategic initiative in pursuit of ease of doing business.

Capping off the Corporation’s awards and recognition during the year was the Certificate of Recognition from the Governance Commission for GOCCs (GCG), which the PDIC received in December 2022 for being one of the top-ranking GOCCs in the GCG’s 2021 Corporate Governance Scorecard for GOCCs.

2023 The 2020 Annual Report of the Philippine Deposit Insurance Corporation (PDIC) was awarded a Silver Anvil during the 58th Anvil Awards organized by the Public Relations Society of the Philippines (PRSP) on March 8, 2023. Entitled, “Keeping Strong Amid Uncertainties”, the Annual Report was recognized for “effectively chronicling the professionalism, dedication, adaptability and consistent good governance practices of PDIC amidst the volatility, uncertainty and ambiguity of the pandemic”.

The Association of Government Internal Auditors, Inc. (AGIA) recognized the PDIC for its exceptional contribution in implementing innovations and/or best practices in internal auditing in the Government Owned and Controlled Corporation (GOCC) sector, particularly in Internal Control Assessment (ICA) during AGIA’s 64th Annual National Convention cum Seminar held on October 17-20, 2023.

The Securities and Exchange Commission (SEC) cited the PDIC as a champion of capital market development alongside 71 individuals and organizations from both the public and private sectors. During the ceremony on November 10, 2023, the SEC noted the contribution of the PDIC in enabling the Philippine capital markets and business sector to be among the best in the Southeast Asian Region.

We protect the depositing public.

We promote confidence and stability in the banking system.

By 2028, PDIC will be a key pillar in promoting financial stability by providing depositor protection responsive to changing times, earning the continuing trust of the public.

Teamwork Respect for All Integrity Professionalism Love of Country Excellence