DICJ, PDIC RENEW MUTUAL COOPERATION FOR DEPOSITOR PROTECTION AND FINANCIAL STABILITY. The Deposit Insurance Corporation of Japan (DICJ) and the Philippine Deposit Insurance Corporation (PDIC) renewed their understanding of mutual cooperation through information sharing and regular bilateral meetings to promote depositor protection and financial stability. DICJ Deputy Governor Hiroyuki Obata and PDIC President Valentin A. Araneta (left) exchange letters of mutual cooperation during the Asia Pacific Regional Committee (APRC) meeting of the International Association of Deposit Insurers (IADI) held recently in Seoul, South Korea. The letters of mutual cooperation were signed by DICJ Governor Masanori Tanabe and PDIC President Araneta.

The Deposit Insurance Corporation of Japan (DICJ) and the Philippine Deposit Insurance Corporation (PDIC) renewed their understanding of mutual cooperation through information sharing and regular bilateral meetings to exchange views and knowledge on best practices and policies for depositor protection and financial stability.

The letters of mutual cooperation were signed by DICJ Governor Masanori Tanabe and PDIC President Valentin A. Araneta. DICJ Deputy Governor Hiroyuki Obata and PDIC President Araneta exchanged letters of mutual cooperation during the recently concluded meeting of the Asia Pacific Regional Committee (APRC) of the International Association of Deposit Insurers (IADI) hosted by the Korean Deposit Insurance Corporation. Mr. Obata chairs the APRC and the IADI Finance and Planning Committee. Mr. Araneta is the Chairperson of the IADI Audit Committee.

The renewal of mutual cooperation between DICJ and PDIC will address an increasing need for international cooperation among financial safety net players to help monitor and address global systemic risks. Such cooperation is being encouraged by multilateral organizations such as the Financial Stability Board (FSB) and the IADI given today’s globalized operations of financial institutions and interconnectedness of the market transactions. Mr. Araneta said that the continuing cooperation and close communication lines between the DICJ and PDIC are in support of the economic ties between Japan and the Philippines.

* * * * *