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PDIC, DICJ Exchange Letters of Cooperation |
The deposit insurance corporations of Japan and the Philippines recently entered into a cooperative arrangement seeking to strengthen bilateral relations between the two organizations. Letters of cooperation covering the agreement were signed by Deposit Insurance Corporation of Japan (DICJ) Governor Shunichi Nagata and Philippine Deposit Insurance Corporation (PDIC) Acting President Michael A. Osmeña at the PDIC Head Office during the Japanese official's visit to the Philippines. The letters state each institution's commitment to deepening the relationship between the two organizations through intensified knowledge sharing. The pact is seen to help maintain financial stability in both countries and the Asia Pacific region. "As fellow members of the International Association of Deposit Insurers (IADI), DICJ and PDIC support the association's goal of contributing to financial stability by sharing deposit insurance expertise with the world. To achieve this, we must gear up for future challenges even during times of relative financial stability, by developing increased operational efficiencies as well as technical expertise,"Osmeña said in his letter of cooperation addressed to DICJ. Nagata's letter, on the other hand, underscored the mission of deposit insurers to conserve a "gene of financial crisis management" through the sharing of knowledge and experience. "To properly maintain this mission, it would be desirable to further enhance the cooperative relationship that has been maintained between PDIC and DICJ in the past considerable time,"Nagata wrote in his letter. Cooperation will be done through the exchange of information including annual reports and other official materials; prompt response to technical inquiries; effective support for exchange of experts and staff; and bilateral meetings between the two organizations. PDIC and DICJ are both founding members of the Basel-based IADI, a non-profit organization constituted under Swiss Law in May 2002, whose mission is to contribute to the enhancement of deposit insurance effectiveness by promoting guidance and international cooperation. |
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