MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) and the Indonesia Deposit Insurance Corp. (IDIC) have signed an agreement to renew cross-border collaboration.
The memorandum of understanding (MOU) was signed by PDIC president and CEO Roberto Tan and IDIC chairman Purbaya Yudhi Sadewa on Nov. 12.
The signing was held on the sidelines of the 23rd IADI Annual General Meeting held in Tokyo, Japan. The PDIC and IDIC previously signed a cross-border partnership in October 2015.
“The MOU establishes a framework for mutual knowledge-sharing and collaboration, aimed at strengthening the effectiveness of the deposit insurance systems of the Philippines and Indonesia,” the PDIC said.
The partnership covers the areas of deposit insurance, receivership and liquidation, risk management and public awareness issues, among others, it said.
The key initiatives under the MOU also include information exchange, prompt responses to technical inquiries, expert and staff exchanges, bilateral meetings as well as other joint deposit insurance-related research projects on matters of common interest.
The MOU also highlights the agencies’ dedication to share technical expertise and foster regional collaboration, which would address emerging challenges in an increasingly globalized financial landscape.
The PDIC and the IDIC said the partnership underscores both jurisdictions’ commitment to upholding global deposit insurance standards and principles, particularly on the Core Principle on cross-border issues of the IADI Core Principles for Effective Deposit Insurance Systems.
Both state deposit insurers are members of the 99-member strong IADI, a non-profit organization based in Basel, Switzerland that aims to set standards for deposit insurance systems.
The IADI also serves as the principal forum where deposit insurers from around the world meet to share knowledge and expertise.
IADI promotes international cooperation and guidance in the field of deposit insurance and provides training and technical assistance. It also produces research and guidance on matters related to deposit insurance.