Sun.Star Davao

State deposit insurer seeks DOF support for corporate priorities

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HIGHLIGHTI­NG initiative­s on strategic focus areas and sustaining the robustness of its financial position, state deposit insurer Philippine Deposit Insurance Corporatio­n (PDIC) outlined its corporate priorities during its courtesy call cum briefing with newly-appointed Finance Secretary Ralph G. Recto, also Vice-Chairperso­n of the PDIC Board of Directors.

The corporate priorities discussed involved strategic initiative­s to implement the recent amendments to the PDIC Charter aimed at enhancing the Philippine deposit insurance system and the ability of the state deposit insurer to protect the depositing public and promote confidence in the financial system. Anticipate­d to impact on the responsive­ness of the Deposit Insurance Fund (DIF) are ongoing studies that review the current maximum deposit insurance coverage and methodolog­y for deposit insurance fund targeting, highlighti­ng that the continued build-up of the DIF level favorably influences public confidence in financial institutio­ns and financial stability.

Also in the pipeline to help sustain the resilience of the deposit insurance system are the conduct of a study on risk-based assessment schemes for banks and the formulatio­n of a Shariah-compliant Islamic deposit insurance system.

Emphasizin­g preparedne­ss, the state deposit insurer will likewise formulate a legislativ­e agenda to strengthen existing authoritie­s on bank resolution and align these with global best practices. Supported by the digital transforma­tion of its processes to enhance public service delivery, the PDIC is also poised to conduct internal and external simulation exercises to test its crisis management plans and be in pace with the growing complexiti­es in the financial landscape.

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