January 25, 2018

The Loans Management System of the Philippine Deposit Insurance Corporation (PDIC) was certified under ISO 9001:2008 standards by TÜV Rheinland Philippines, Inc. (TÜV Rheinland) in December 2017. The certification affirms that PDIC has established and maintains an effective system to ensure compliance with its quality policy and objectives. TÜV Rheinland revealed zero non-conformities in the conduct of the certification audit of the Loans Management System.

Loans management is PDIC’s third frontline process to be certified under ISO 9001:2008 standards following the ISO certification of its Claims Settlement Operations (CSO) in 2010 and Assessment of Member-Banks (AMB) in 2016 including support processes. Both CSO and AMB have undergone surveillance audits under ISO 9001:2008 standards last year. All these three processes are intended to be certified under ISO 9001:2015 standards within the first semester this year.

The certification to international standards of its frontline services is in line with PDIC’s Vision of becoming a world-class organization in depositor protection.

As Liquidator of closed banks, PDIC manages and eventually disposes of the assets of closed banks to settle claims of creditors in accordance with the preference and concurrence of credits as provided by the Civil Code of the Philippines. In carrying out this function, PDIC also formulates and implements strategies to maximize and/or optimize recovery from loans of borrowers of closed banks to add to the pool of assets for distribution to its creditors.

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 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.