July 28, 2016

TÜV Rheinland Philippines, Inc. recently issued its certification on the quality management system (QMS) for claims settlement operations of the Philippine Deposit Insurance Corporation (PDIC) under ISO 9001:2008. The certification attests to PDIC's continuous efforts to enhance its claims settlement operations and implement initiatives and processes to comply with international standards and global best practices. PDIC's QMS for claims settlement operations has been ISO 9001:2008 certified since 2010.

In its audit report on May 20, 2016, TÜV Rheinland Philippines, Inc. cited that PDIC has established and maintained an effective system to ensure compliance with its policy and objectives; and its management system complies with, adequately maintains and implements the requirements of ISO 9001:2008 standards. It highlighted positive findings including the consistent accomplishment of its quality objectives, more particularly the continued reduction in its clients' turn-around time for claims settlement. The audit also cited PDIC for having zero non-conforming practices.

“The recertification is an assessment of PDIC's conformity to international consensus of best practices and a testament of our steadfast commitment to do our best to carry out our mandates. Claims settlement operations have become seamless and the systems and processes involved have been applied in a consistent manner by our workforce. With the recent amendment to the PDIC Charter, we hope to improve our operations even more and be more responsive, efficient and effective in the discharge of our functions for the benefit of the depositing public,” PDIC President Cristina Que Orbeta said.

The quality management system covers the systems and procedures primarily in claims settlement operations comprising of information dissemination, pre-settlement examination, deposit insurance claims filing, processing and settlement and support functions in the organization.

TÜV Rheinland Group, founded in 1872, is a global provider of technical, safety, and certification services with headquarters in Germany and operates in 520 offices in 69 countries.

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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 P500,000 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.