Philippine Deposit Insurance Corporation (PDIC) Officer-in-Charge and Executive Vice President Imelda S. Singzon was elected to the Executive Council of the International Association of Deposit Insurers (IADI) during the recently concluded 6th IADI Annual General Meeting and Conference held in Kuala Lumpur, Malaysia. The Executive Council seat will be for a three-year term.

The PDIC, the government agency mandated to provide depositor protection, is a founding member of the IADI. The IADI is a non-profit organization established on May 6, 2002 to promote international cooperation and guidance in the field of deposit insurance. IADI provides a venue for sharing best practices in deposit insurance and proactively issues guiding principles to assist all deposit insurers all over the world. IADI is based in Basel, Switzerland.

The association is composed of 48 members, six associates, six observers, and 10 partners. The Executive Council is the governing board of the IADI. The IADI has seven regional committees to reflect the common interests of the regions namely: Africa, Asia, Caribbean, Eurasia, Europe, Latin America; and North Africa and the Middle East. The Philippines is a member of the Asia Regional Committee, one of the most active regional committees of the IADI. It is also an active member of the Research and Guidance Committee and Finance and Planning Committee.

"PDIC's membership in the IADI Executive Council is an opportunity for the Corporation to enhance mutual cooperation and assistance among deposit insurers all over the world. It also enables us to learn from our counterparts who have more matured deposit insurance systems. Our continuing linkage with IADI will help PDIC further improve its organizational and operational efficiency as one of the financial safety net players in the country." said PDIC OIC Singzon.