THE PHILIPPINE Deposit Insurance Corp. (PDIC) has renewed its bilateral cooperation agreement with the Korea Deposit Insurance Corp. (KDIC).
PDIC President and Chief Executive Officer Roberto B. Tan and KDIC Chairman and President Yoo Jae Hoon signed a memorandum of understanding (MoU) on March 25 for the collaboration, which was forged in 2014 and earlier renewed in 2019, PDIC said in a statement.
The latest partnership between the two deposit insurance agencies (DIA) is effective for five years and may be renewed again.
“The MoU institutionalizes continued cooperation and information-sharing between the two DIAs in the areas of deposit insurance, receivership and liquidation, bank resolution, risk management, premium assessment for banks, sources and methods of funds, information technology for database administration, legal and administrative procedures, and public awareness issues,” PDIC said.
“The agreement … attests to the mutual commitment of the Philippines and Korea to sustain the enhancements of their respective deposit insurance systems.”
PDIC and KDIC are members of the International Association of Deposit Insurers.
“The continuing collaboration between the two DIAs is aligned with the IADI Core Principles for Effective Deposit Insurance Systems, particularly the Core Principle on cross-border issues, which provides that formal information-sharing and coordination arrangements should be in place among DIAs in relevant jurisdictions.” — Amc and
