Wazzup Pilipinas!?
Partnering for mutual enhancement of deposit insurance systems. Philippine Deposit Insurance Corporation (PDIC) President and CEO Roberto B. Tan and Kazakhstan Deposit Insurance Fund (KDIF) Chairman Adil Utembayev signed a memorandum of understanding to help enhance the effectiveness of the deposit insurance systems of the Philippines and Kazakhstan through bilateral cooperation, knowledge-sharing and capacity-building. The MOU was signed on November 11, 2024 on the sidelines of the 23rd Annual General Meeting of the International Association of Deposit Insurers (IADI) held in Tokyo, Japan.
The Philippine Deposit Insurance Corporation (PDIC) and the Kazakhstan Deposit Insurance Fund (KDIF), active members of the International Association of Deposit Insurers (IADI) and the IADI Asia-Pacific Regional Committee, forged a historic Memorandum of Understanding (MOU) to enhance bilateral relations, the first collaborative partnership between the two agencies to strengthen their respective insurance systems. The partnership focuses on cross-border cooperation and reflects theshared commitment of the two jurisdictions to more effectively carry out the mandates of depositor protection and financial stability.
The MOU was signed by PDIC President and CEO Roberto B. Tan and KDIF Chairman Adil Utembayev on November 11, 2024 on the sidelines of the 23rd Annual General Meeting of the International Association of Deposit Insurers (IADI) held in Tokyo, Japan. 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 Kazakhstan. The pioneering partnership will enable the two deposit insurance agencies (DIAs) to engage in a range of knowledge-sharing and collaborative activities, including information exchange, expert and staff exchanges, and joint research initiatives. The knowledge-sharing between the two jurisdictions covers the areas of deposit insurance, receivership and liquidation, risk management, and public awareness issues, among others. Bilateral meetings will also be held to address emerging issues of mutual interest to the two DIAs.
The bilateral collaboration aligns with the IADI Core Principles for Effective Deposit Insurance Systems, particularly the Core Principle on cross-border issues. To ensure sustained partnership, the MOU will be valid for a period of five years, with an option to extend for another five years upon mutual agreement.
The partnership underscores the growing importance of cross-border collaboration in today’s interconnected financial landscape and highlights both DIAs’ commitment to safeguard depositors and enhance public trust in deposit insurance.
IADI, a non-profit organization based in Basel, Switzerland, sets standards for deposit insurance systems and serves as the principal forum where deposit insurers from around the world meet to share knowledge and expertise. It also promotes international
cooperation and guidance in the field of deposit insurance, provides training and technical assistance; and produces research and guidance on matters related to deposit insurance.
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The Philippine Deposit Insurance Corporation (PDIC) was established on 22 June 1963 by Republic Act
3591 to protect depositors and help maintain stability in the financial system by providing deposit insurance, co-regulating banks with the Bangko Sentral ng Pilipinas (BSP), and liquidating closed banks.
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