President Arroyo has named Jose Nograles of the Landbank of the Philippines as the new president of the Philippine Deposit Insurance Corp.
Nograles, a brother of House Majority Leader Prospero Nograles, will take over from current PDIC officer-in-charge Imelda Singzon.
Singzon was designated OIC after erstwhile president Michael Osmeña died of cancer last Sept. 17.
Before his appointment to the PDIC, Nograles served as senior executive vice president for operations and corporate services sector of government-owned Landbank.
The PDIC is a government financial institution under the Department of Finance, which is mandated to insure bank deposits.
Apart from insuring deposits, the PDIC is also a co-regulator of the country’s banks and the receiver and liquidator of closed banks. – Marvin Sy