MANILA, Philippines - Philippine Deposit Insurance Corp. (PDIC) officer-in-charge and executive vice president Cristina Q. Orbeta was elected to the Executive Council of the International Association of Deposit Insurers (IADI) for a three-year term during the recently concluded 13th IADI Annual General Meeting in Port of Spain, Trinidad and Tobago hosted by the Deposit Insurance Corp. of Trinidad and Tobago.
The PDIC, the government agency mandated to provide protection to depositors in Philippine banks, is a founding member of the IADI. The IADI is a non--profit organization established in 2002 to promote international cooperation and guidance in the field of deposit insurance. The IADI has 77 deposit insurance agencies as members from all over the world. IADI is based in Basel, Switzerland.
The Executive Council which has 25 members from different jurisdictions is the governing board of the IADI. The IADI has eight regional committees to ensure representation of common interests of the regions namely: Africa, Asia-Pacific, Caribbean, Eurasia, Europe, Latin America, Middle East and North Africa; and North America. The Philippines is a member of the Asia-Pacific Regional Committee.
PDIC has been a member of the Executive Council of IADI since 2002. IADI provides a venue for sharing best practices in deposit insurance and proactively issues guiding principles to assist all deposit insurers all over the world. It recently issued the Revised Core Principles for Effective Deposit Insurance. The latter defines the standards against which deposit insurers assess themselves.
Through continuing linkage with IADI, PDIC keeps abreast with emerging critical issues on financial stability and depositor protection.