P-Noy reappoints 3 PDIC directors

MANILA, Philippines - Three board members of the Philippine Deposit Insurance Corp. (PDIC) have been re-appointed by President Aquino to fresh one-year terms.

PDIC president Valentin Araneta and private sector representatives, Rogelio Marcelo and Protacio Tacandong, would all remain to their post and serve at the PDIC Board of Directors until June 30, 2013, a statement said yesterday.

Araneta was also re-appointed as PDIC president and chief executive officer, it added.

All three have already taken their oath of office before Finance Secretary Cesar Purisima, who is also PDIC chairman.

The actions were in compliance to RA 10149 or the GOCC Governance Act of 2011, which mandated the president to appoint the members of the board of government-owned and -controlled corporations (GOCC) from a shortlist provided by the Board.

The naming of the chief officer, meanwhile, is done by the President but shall be subject to disciplinary powers of the Board and may be removed any time at its will.

Signed in June 2011, RA10149 aimed to strengthen the Executive’s oversight over GOCCs and government financial institutions after the President revealed malpractices in these agencies, including ballooning bonuses, in one of his State of the Nation Addresses.  

According to the statement, Araneta has 30 years of experience in the banking industry, serving in “top management and membership in board of universal banks.”

Manalo also had the same experience, the statement said, while Tacandong is the chief operating officer of accounting and consulting firm Reyes Tacandong & Co. He was also National President of the Philippine Institute of Certified Public Accountants in 2008.

PDIC was created under RA 3591 as state deposit insurer, in charge of receiving or liquidating troubled banks and payment of depositor claims.