The International Association of Deposit Insurers (IADI), an organization of 71 member deposit insurance organizations based in Basel Switzerland, announced that the Philippine Deposit Insurance Corporation (PDIC) has been selected as the “Deposit Insurance Organization (DIO) of the Year”for 2013.

The announcement was made during the Twelfth IADI Annual Conference and Annual General Meeting of Members (AGM) in Buenos Aires, Argentina on 7 November 2013.

Other organizations who won in the other categories include the Deposit Insurance Agency of Russian Federation for the “Award for Achievement in Banking Resolutions and Payouts”, Bank Guarantee Fund of Poland for the “Award for Core Principles and International Participation” and Kazakhstan Deposit Insurance Fund for the “Award for Deposit Insurance System Improvements.” The DIO of the Year Award for 2013 was presented to PDIC being the IADI member with significant achievements in all three categories.

PDIC President Valentin A. Araneta said that he is humbled by the award which reflects the hard work and commitment of the Board, officers and staff of PDIC. According to Araneta, international recognition of the effectiveness of Philippine government institutions serve to inspire domestic and foreign confidence in the Philippine economy. The PDIC organization has adopted a slogan of “Committed to Serve” aligned with the call of President Benigno S. Aquino, III to government institutions for service commitment and accountability to the public.

The PDIC has Finance Secretary Cesar V. Purisima as Board Chairman and BSP Governor Amando M. Tetangco, Jr. as Director. Their respective alternates are National Treasurer Rosalia V. De Leon and BSP Deputy Governor Nestor A. Espenilla, Jr. The other directors are Rogelio W. Manalo, Protacio T. Tacandong and Valentin A. Araneta who also serves as President and Vice Chairman. The PDIC has two Executive Vice Presidents, Ms. Imelda S. Singzon and Ms. Cristina Q. Orbeta handling the Examination and Resolution Sector and the Receivership and Liquidation Sector, respectively.

Finance Secretary Purisima lauded the Board officers and staff of PDIC on the international recognition. He exhorted PDIC to sustain and continually improve its good governance standards and its oversight over the handling of bank deposits. He said that good governance of banks is the best measure of depositor protection.

In its continuing efforts to comply with the Core Principles for Effective Deposit Insurance Systems and other international best practices, PDIC has subjected itself to assessments and is an active participant in IADI activities.

In 2005, the IADI began conferring the DIO Award to a member in celebration of an important achievement and/or in recognition of the contribution that the Member has made to furtherance of IADI’s goals. The first organization to receive the award was the Central Deposit Insurance Corporation of Taiwan.

Since then, the conferment of the Award has been part of IADI’s tradition and is among the highlights of its annual meetings. The previous awardees of the DIO Award are the Korea Deposit Insurance Corporation (2012), Malaysia Deposit Insurance Corporation (2011), Deposit Insurance Corporation of Japan (2010), Savings Deposit Insurance Fund of Turkey (2009), U.S. Federal Deposit Insurance Corporation (2008), Brazil’s Fundo Garantidor de Créditos (2007) and the Canada Deposit Insurance Corporation (2006).

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