PDIC’s Nazareno quits in protest over trial

Philippine Deposit Insurance Corp. (PDIC) president Norberto Nazareno quit yesterday his post as head of the government’s bank insurance agency.

Nazareno confirmed his resignation saying "I felt I had to do something," referring to the way the pro-administration Senators suppressed evidence that allegedly contained damning evidence against President Estrada who is facing an impeachment trial for his alleged ill-gotten wealth.

Nazareno submitted his letter of resignation yesterday to Finance Secretary and concurrent chairman of the PDIC and chairman of the Economic Coordinating Council, Jose T. Pardo.

Nazareno said his resignation was to take effect immediately but said he is willing to wait until February 17 or sooner when a replacement is named.

"I hope to leave sooner but we are in public service," Nazareno said.

Nazareno barely warned his seat as president of the PDIC, having been appointed by Malacañang only last April.

As head of PDIC, Nazareno’s primary job was to ensure depositors are paid back their money when a financial institution collapses.

Nazareno headed the panel which handled the closure earlier this year of Urban Bank which suffered heavy withdrawals, and worked to have the bank rehabilitated by finding another partner for the bank.

Prior to his appointment as PDIC head, Nazareno had a 29-year commercial banking stint spent at various banks, the longest of which was his 19-year stay at Citibank N.A. from 1972 to 1994. He was also president and chief executive office of Philippine Banking Corp. from 1994 to 1999.