July 17, 2017

The Philippine Deposit Insurance Corporation (PDIC) maintained the ISO certification of its Quality Management System (QMS) for Claims Settlement Operations (CSO) under ISO 9001:2008 standards. TÜV Rheinland Philippines, Inc. awarded the certification recently following the conduct of its ISO audit in June. The continuing certification affirms PDIC’s commitment to improve its service delivery to the depositing public by constantly enhancing its CSO in step with global best practices. PDIC's QMS for CSO has been ISO-certified since 2010 and is being readied for certification under the ISO 9001: 2015 standards.

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. The audit also revealed that PDIC had no non-conforming practices.

Among the positive findings cited by the audit were the continuous improvement in the level of customer satisfaction; awards and recognition conferred to PDIC’s public awareness programs; good governance practices as cited by the Governance Commission for GOCCs; initiatives to improve systems and procedures at the PDIC Public Assistance Center; compliance with audit requirements; prompt reimbursement of valid deposit insurance claims; and implementation of various tools for evaluation of employees’ training effectiveness.

“The PDIC welcomes the continued certification of our management system for claims settlement operations. It is a motivation to our hardworking employees to continuously pursue the highest standards in the performance of our mandates and to further improve our depositor protection initiatives for the benefit of our stakeholders,” PDIC President Roberto B. Tan said.

The QMS on CSO involves pre-settlement examination, claims processing and settlement, information dissemination, and other support functions. Aside from its CSO, PDIC is also certified in its system on assessment of member-banks, and is working on its certification on loans management, both for the corporate and closed banks portfolio.

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.