The Bankers Association of the Philippines (BAP) congratulates the Philippine Deposit Insurance Corporation (PDIC) on celebrating its 54th Anniversary this year and its first anniversary under Republic Act No. 10846, or An Act Enhancing the Resolution and Liquidation Framework for Banks, signed into law last May 23, 2016. The BAP supports the PDIC’s renewed thrust under the new law, equipping it with enhanced authority to implement measures that will further improve depositor protection and promote financial stability. For over half a century, the banking sector has relied on the PDIC in maintaining the public’s strong faith and confidence in the country’s banking system.

Designed to strengthen the PDIC, the new law allows for a proactive resolution of problem banks early and while they are still operating, thereby preserving the bank’s resources and mitigating potential disruptions in the banking system. We welcome these changes, as it will allow PDIC to respond faster to changes, and align our country’s deposit insurance system with international best practices.

We also support the successful observance of the 15th Depositor Protection and Awareness Week (DPAW) from June 16 to 22, 2017, and encourage our member banks to participate in the corresponding activities.

Congratulations!


NESTOR V. TAN
President, Bankers Association of the Philippines