PDIC, KDIC renew 5-year MOU on deposit insurance

The Philippine Deposit Insurance Corporation (PDIC) has renewed a five-year agreement with its Korean counterpart, the Korea Deposit Insurance Corporation (KDIC), to continue bilateral cooperation on deposit insurance.

This memorandum of understanding (MOU), signed on March 25, covers areas such as deposit insurance, bank resolution, receivership, risk management, IT systems, legal procedures, and public awareness efforts.

PDIC President Roberto B. Tan and KDIC Chairman Yoo JaeHoon represented their respective agencies during the signing at the PDIC office in Makati City.

The MOU formalizes ongoing cooperation between the two deposit insurance agencies and is aligned with the International Association of Deposit Insurers (IADI) core principles, particularly those addressing cross-border issues.

Both PDIC and KDIC are IADI members, and their partnership supports the enhancement of deposit insurance systems in both countries.

The agreement may be extended for another five years upon joint written consent from both parties.