November 23, 2017

Excellence recognized.The Philippine Deposit Insurance Corporation (PDIC) was recognized by the Government Quality Management Committee (GQMC) for obtaining ISO 9001 certification for its Quality Management System. The certification assures that PDIC’s frontline services adhere to global management standards and meet the requirements and satisfaction of its stakeholders. Senior Vice President Sandra A. Diaz (4th from left) and Assistant VP Elaine B. Deticio (5th from left) receive the recognition on behalf of the Corporation during the 5th Recognition Ceremony of the GQMC on October 11, 2017 at the Development Academy of the Philippines (DAP) Conference Center in Tagaytay City. Also in photo are (L-R): DAP Senior VP Magdalena L. Mendoza; DAP President and CEO Elba S. Cruz; Department of Budget and Management (DBM) Undersecretary Lilia C. Guillermo; Office of the President–Internal Audit Office Deputy Executive Secretary Alberto A. Bernardo; and DBM Assistant Secretary Myrna S. Chua.

The Philippine Deposit Insurance Corporation (PDIC) was one of 11 government-owned or -controlled corporations (GOCCs) and 41 other public service institutions recognized by the Government Quality Management Committee (GQMC) during the 5th Recognition Ceremony for Government Organizations with ISO-certified Quality Management Systems (QMS). In simple ceremonies at the Development Academy of the Philippines (DAP) Conference Center in Tagaytay City on October 11, 2017, the PDIC was recognized for its successful attainment of ISO 9001:2008 certification for its QMS on Assessment of Member-Banks. Senior Vice President Sandra A. Diaz (Management Services Sector) and Assistant Vice President Elaine B. Deticio (Insurance Support Department) received the recognition on behalf of PDIC.

The Assessment of Member-Banks was certified to ISO 9001:2008 standards in 2016. It covers assessment collection from banks with the corresponding issuance of official receipts, and the conduct of assessment audit on the banks’ declaration in their respective certified statements. Assessments paid by member-banks at an annual flat rate of 1/5 of 1% of their total deposit liabilities are added to PDIC’s Deposit Insurance Fund (DIF) to continuously build up its adequacy level to respond to potential insurance calls. The DIF is the Corporation’s main fund source for payout of valid deposit insurance claims.

In addition to the Assessment of Member-Banks, PDIC has another frontline service that is also certified under ISO 9001:2008 standards: the QMS for Claims Settlement Operations which recently passed recertification audit and has been ISO-certified since 2010. It involves various functions from pre-settlement examination, claims processing and settlement, information dissemination, and other support services in the payment of deposit insurance. As Deposit Insurer, PDIC is mandated to settle valid deposit insurance claims up to the maximum deposit insurance coverage of PHP500,000 per depositor, in case of bank closure.

Chaired by Budget Secretary Benjamin E. Diokno, the GQMC is mandated to encourage and promote improved public sector performance through the adoption of ISO 9001 QMS in all government agencies, and to recognize citizen-driven government organizations that have attained ISO 9001 certification. The GQMC is co-chaired by the Department of Trade and Industry and its other members include the Department of the Interior and Local Government, the Office of the President–Internal Audit Office, and the Development Academy of the Philippines.

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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.