PDIC, PhilJA conduct 9th seminar-workshop on deposit insurance and banking laws
September 27, 2017
PDIC-PhilJA partnership. Philippine Deposit Insurance Corporation (PDIC) President Roberto B. Tan (3rd from left) and Philippine Judicial Academy (PhilJA) Vice Chancellor Justice Romeo J. Callejo, Sr. (4th from left) formally opened the two-day 9th PDIC and PhilJA’s joint seminar-workshop on deposit insurance, banking practices and bank conservatorship and liquidation on August 15, 2017 at the Bayview Park Hotel in Manila. The seminar-workshop is a collaborative effort of the two institutions to pursue the continuing training of the Judiciary. The seminar-workshop is made more meaningful with the effectivity of the amendments to the PDIC Charter (Republic Act No. 3591, as amended) in June 2016. Also in photo are (L-R): Bangko Sentral ng Pilipinas Deputy General Counsel Teofilo R. Ragadio, PhilJA’s Chief of Academic Affairs Justice Delilah V. Magtolis, and PDIC General Counsel Ma. Antonette B. Bolivar.
The Philippine Deposit Insurance Corporation (PDIC) and the Philippine Judicial Academy (PhilJA) conducted the 9th Seminar-Workshop on Deposit Insurance, Banking Practices, and Bank Conservatorship and Liquidation for the Judiciary on August 15 – 16, 2017 at the Bayview Park Hotel in Manila. The seminar-workshop was participated in by judges from Regions 1 to 3.
The seminar-workshop also aims to provide members of the judiciary with a better appreciation and understanding of PDIC mandates as deposit insurer, risk mitigator and receiver of closed banks, under the amended PDIC Charter. This year’s workshop is made more significant with the amendments to the PDIC Charter under Republic Act No. 10846 which took effect in June 2016. The amended Charter granted enhanced authorities to the PDIC to strengthen depositor protection, resolve problem banks, and hasten the liquidation of closed banks.
In his welcome remarks, PhilJA Vice Chancellor Justice Romeo J. Callejo, Sr. underscored the importance of the continuing training for judges that the PDIC-PhilJA partnership provides. “Service in the Judiciary means continuous study and research on the law from beginning to end,” Justice Callejo said.
PDIC President Tan called on the judicial community to support PDIC in protecting the interest of the depositing public and closed bank creditors by prosecuting those who undermine the deposit insurance system and banking sector at large and by expediting the liquidation process for closed banks. Such will help release and plow back into the economy the trapped funds through consumption, investments and savings.
The collaborative undertaking started in 2009 to pursue the continuing training in deposit insurance and banking laws of the members of the Judiciary. Seminar topics included an overview of the revised PDIC Charter; conducting business in an unsafe and unsound manner; bank frauds, irregularities and anomalies; bank conservatorship and liquidation; and issues and challenges when dealing with bank conservatorship and liquidation. Workshop sessions and critiquing were conducted to aid participants in the application of their learnings.
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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PHP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.