PDIC board appoints new member

The Philippine Deposit Insurance Corporation (PDIC) appointed banker Anita Linda Aquino as the new member of its Board of Directors.

Under Republic Act No. 10846 — the amended PDIC Charter that took effect on June 11, 2016 — PDIC's Board composition must increase from five to seven, with the addition of two more directors from the private sector.

PDIC is headed by the Secretary of the Department of Finance (DOF) as ex-officio Chairman, while the Bangko Sentral ng Pilipinas (BSP) Governor is ex-officio Board member. PDIC President serves as Board Vice Chairman.

In simple ceremonies at the PDIC headquarters, Aquino took her oath of office before Finance Secretary and PDIC Chairman Carlos G. Dominguez III on February 7, 2017.

Prior to joining PDIC, Aquino held posts in various banks in Manila, New York and Singapore in the area of Treasury/Financial Markets.

She was Head of Financial Markets Sales at Citibank, a Senior Vice President and Head of Global Distribution and Advisory Division at Rizal Commercial Banking Corporation (RCBC) and an Executive Director, Head of Financial Markets Sales (Philippines) at Standard Chartered Bank.

PDIC was established in 1963 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. (MBM)