The International Association of Deposit Insurers (IADI), an organization
of 71 member deposit insurance organizations based in Basel Switzerland,
announced that the Philippine Deposit Insurance Corporation (PDIC) has been
selected as the “Deposit Insurance Organization (DIO) of the Year” for 2013.
The announcement was made during the Twelfth IADI Annual
Conference and Annual General Meeting of Members (AGM) in Buenos Aires,
Argentina on 7 November 2013.
Other organizations who won in the other categories
include the Deposit Insurance Agency of Russian Federation for the “Award for
Achievement in Banking Resolutions and Payouts”, Bank Guarantee Fund of Poland
for the “Award for Core Principles and International Participation” and Kazakhstan
Deposit Insurance Fund for the “Award for Deposit Insurance System
Improvements.” The DIO of the Year Award for 2013 was presented to PDIC being
the IADI member with significant achievements in all three categories.
PDIC President Valentin A. Araneta said that he is
humbled by the award which reflects the hard work and commitment of the Board,
officers and staff of PDIC. According to Araneta, international recognition of
the effectiveness of Philippine government institutions serve to inspire
domestic and foreign confidence in the Philippine economy. The PDIC
organization has adopted a slogan of “Committed to Serve” aligned with the call
of President Benigno S. Aquino, III to government institutions for service
commitment and accountability to the public.
The PDIC has Finance Secretary Cesar V. Purisima as Board
Chairman and BSP Governor Amando M. Tetangco, Jr. as Director. Their respective
alternates are National Treasurer Rosalia V. De Leon and BSP Deputy Governor
Nestor A. Espenilla, Jr.. The other
directors are Rogelio W. Manalo, Protacio T. Tacandong and Valentin A. Araneta
who also serves as President and Vice Chairman. The PDIC has two Executive Vice
Presidents, Ms. Imelda S. Singzon and Ms. Cristina Q. Orbeta handling the
Examination and Resolution Sector and the Receivership and Liquidation Sector,
respectively.
Purisima lauded the Board officers and staff of PDIC on
the international recognition. He
exhorted PDIC to sustain and continually improve its good governance standards
and its oversight over the
handling of bank deposits. He
said that good governance of banks is the best measure of depositor protection.
In its continuing efforts to comply with the Core
Principles for Effective Deposit Insurance Systems and other international best
practices, PDIC has subjected itself to assessments and is an active
participant in IADI activities.
In 2005, the IADI began conferring the DIO Award to a
member in celebration of an important achievement and/or in recognition of the
contribution that the Member has made to furtherance of IADI’s goals. The first organization to receive the award
was the Central Deposit Insurance Corporation of Taiwan.
Since then, the conferment of the Award has been part of
IADI’s tradition and is among the highlights of its annual meetings. The
previous awardees of the DIO Award are the Korea Deposit Insurance Corporation
(2012), Malaysia Deposit Insurance Corporation (2011), Deposit Insurance
Corporation of Japan (2010), Savings Deposit Insurance Fund of Turkey (2009),
U.S. Federal Deposit Insurance Corporation (2008), Brazil’s Fundo Garantidor de
Créditos (2007) and the Canada Deposit Insurance Corporation (2006).
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