GLOBAL DEPOSIT INSURANCE LEADERS PAY COURTESY CALL ON PRESIDENT AQUINO. President Benigno S. Aquino III received the delegation from the Executive Council of the International Association of Deposit Insurers (IADI) headed by its President and Chairman Jerzy Pruski (Poland) (7th from left) and Philippine Deposit Insurance Corporation (PDIC) President Valentin A. Araneta (front row, extreme right) in a courtesy call on June 19. During the courtesy call, the President and the Executive Council discussed the importance of good governance as a platform for good economics and financial stability. The PDIC hosted the 39th IADI Executive Council Meeting and International Conference on Financial Inclusion on June 17-21, 2013 at the Makati Shangri-La. The IADI is a non-profit organization of deposit insurers established in May 2002 aimed at contributing to the enhancement of deposit insurance systems by promoting research and guidance based on best practices for deposit insurers, and for international cooperation. Also in photo are Finance Secretary and PDIC Chairman Cesar V. Purisima (front row, 5th from left) and Bangko Sentral ng Pilipinas Deputy Governor Nestor A. Espenilla, Jr. (front row, 4th from left).

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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 permanent and continuing 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.