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Signing of Memorandum of Understanding and Cooperation between DIA and Philippine Deposit Insurance Corporation

Date: 05.06.2018

On 29 May 2018, the State Corporation Deposit Insurance Agency (Russian Federation) and the Philippine Deposit Insurance Corporation (PDIC) signed the Memorandum of Understanding and Cooperation in Moscow.

On behalf of the State Corporation Deposit Insurance Agency (DIA) the Memorandum was signed by DIA General Director Yuri Isaev, on behalf of PDIC - by President Roberto Buan Tan. Other participants of the ceremony included PDIC Board Member Eduardo Mitra Pangan, PDIC Vice-President Jose Galindez Villaret and DIA management.

The Agency actively participates in the work of the International Association of Deposit Insurers (IADI) focused on the development of deposit insurance systems including implementation of the advanced techniques and the world best practices. Signing of the Memorandum makes a good foundation for promotion of bilateral cooperation, sharing of experience in protection of bank depositors and strengthening of the banking systems of the two countries based on the international standards, noted Yuri Isaev.

Extension of cooperation with the Russian side on emerging issues of our deposit insurance systems operation is useful for both parties and is a part of enhancement of our mutually beneficial cooperation. I am sure that sharing of experience in deposit insurance and liquidation of insolvent credit institutions will contribute to the expansion of our dialogue, emphasized President Tan.

The meeting also included discussion of issues of practical interest for the development of the deposit insurance systems of both countries with due regard to the world best practice, including arrangement of payouts to insured depositors, liquidation of failed banks, asset recoveries, crisis management and depositor awareness issues.

For reference:

The Philippine Deposit Insurance Corporation (PDIC) is a government institution founded in 1963 and dealing with bank deposit insurance as well as bank liquidation and resolution. The coverage limit is 500 thousand Philippine pesos (about USD 9,500).

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