PDIC, KDIC renew 5-year cooperation deal on deposit insurance

The Philippine Deposit Insurance Corporation (PDIC) and its Korean counterpart, the Korea Deposit Insurance Corporation (KDIC), have renewed their five-year bilateral cooperation agreement on deposit insurance.

This memorandum of understanding (MOU), signed on March 25, formalizes and sustains the ongoing collaboration and information-sharing between the two agencies, which was initially established over a decade ago.

Key areas of cooperation include deposit insurance, bank resolution, receivership, risk management, IT systems, legal procedures, and public awareness efforts.

The renewed agreement, effective for five years, can be extended for another five years through mutual written consent.

PDIC President and CEO Roberto B. Tan and KDIC Chairman and President Yoo JaeHoon represented their respective organizations at the signing ceremony held at the PDIC office in Makati City.