News

To foster safe and sound banking practices, the Philippine Deposit Insurance Corporation (PDIC) continues to equip banks to implement effective and robust corporate governance, risk management, and internal controls.

To this end, the PDIC recently conducted the second run of its PDIC K.E.Y. (“Knowledge Foundations”, “Enhanced Governance”, and “Your Compliance Compass”) Training Programs for Banks on Deposit Operations, a virtual capability-building initiative focusing on “Program E: Enhanced Governance for Effective Deposit Operations”. Drawing 75 attendees from 20 participating banks, mostly from members of the Bankers Association of Laoag City and Ilocos Norte (BALCIN), La Union Chamber of Rural Banks, Baguio Benguet Bankers Association, Tacloban Bankers Association, Caraga Rural Bankers Federation (CARBAF), and Oro Bankers Club, Program “E” equipped participants with the skills and knowledge on good corporate governance, risk management, and internal controls on deposit operations.

PDIC K.E.Y. aims to help strengthen the Philippine banking system by inculcating a culture of safe and sound practices among bank personnel and building a resilient financial system where depositors can have full confidence that their hard-earned savings are secure.

In his remarks during the virtual training, PDIC President and CEO Roberto B. Tan expressed commitment to enhanced resilience of the banking industry, citing that “the PDIC remains a responsive partner in advancing prudential standards and strengthening deposit operations across the banking sector.”

PDIC K.E.Y. provided participants with a deeper understanding of the PDIC’s mandates as a deposit insurer, bank co-regulator, and receiver of closed banks. It also discussed the basis for the adjustment of the maximum deposit insurance coverage (MDIC) to its current level of P1 million, per depositor, per bank.

The Philippine Deposit Insurance Corporation (PDIC) was established on 22 June 1963 by Republic Act 3591 to protect depositors and help maintain stability in the financial system. The PDIC is an attached agency of the Bangko Sentral ng Pilipinas and a member of the Financial Sector Forum, the Financial Stability Coordination Council, and the Financial Inclusion Steering Committee. PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.

Follow us at:

• Website: www.pdic.gov.ph
• Facebook: www.facebook.com/OfficialPDIC
• Twitter: @OfficialPDIC
• YouTube: http://www.youtube.com/c/PDICOfficial