To formalize their shared vision of enhancing the appreciation and understanding of deposit insurance and banking laws for greater depositor protection, Philippine Deposit Insurance Corporation (PDIC) and Philippine Judicial Academy (PhilJA) entered into a landmark partnership to conduct a comprehensive deposit insurance seminar to judges and court personnel, a collaboration being undertaken by PDIC and PhilJA for the first time.

PDIC President Jose C. Nograles and PhilJA Chancellor Justice Adolfo S. Azcuna signed a Memorandum of Understanding (MOU) to hold a “Seminar-Workshop on Deposit Insurance, Banking Practices, and Bank Conservatorship, Receivership and Liquidation” in connection with PhilJA’s continuing legal education and PDIC’s public awareness campaign for the new deposit insurance law or Republic Act No. 9576 that took effect on June 1, 2009. Overall, the agreement is geared on enhancing institutional partnerships between PDIC and the judicial community.

PDIC President Jose C. Nograles said the seminar-workshops will help ensure that the new law strengthening the PDIC as deposit insurer, co-regulator of banks and receiver and liquidator of closed banks is better understood by the judicial community.

Nograles said having a stronger banking system is a shared vision of all concerned sectors including the judiciary. PhilJA, an institution created to provide continuing legal education to judges, legal practitioners and court personnel, will be instrumental in familiarizing court officials with the new deposit insurance law and related banking laws.

“We count on the judiciary to partner with us in attaining the shared vision of contributing to a stronger banking system by the judicious application and implementation of existing laws. To be able to conduct a series of seminars about deposit insurance with no less than the PhilJA – where the best legal minds in the country gather – is a golden opportunity to enhance this partnership,” Nograles said. “The conduct of seminars for the country’s legal experts will allow PDIC to contribute to the clarification of interpretations on deposit insurance and banking jurisprudence.”

“This is a very significant memorandum because not only is it the first of its kind, it is also very timely because of the subject matter,” Justice Azcuna said. “This is a milestone partnership of PDIC and PhilJA because we are collaborating for the first time on deposit insurance and banking laws. We are thankful for this opportunity to partner with PDIC in this very important endeavor of increasing the awareness of not only judges but of our people, our depositors, the banking community regarding deposit insurance because there are changes, new developments especially in deposit insurance,” Justice Azcuna added.

Under the current training set-up in the courts, justices undergo various seminars and trainings to gain knowledge on subjects that are technical in nature.

Nograles said that the PDIC is grateful for the opportunity to work with PhilJA and members of the judicial community, and is looking forward to more collaborations in the future. Said partnership, he said, shall ensure that the depositing public is safeguarded both in the implementation aspect and in the judicial front.

“It is an honor and privilege to be of service to the distinguished officials of the courts and lawyers who are crucial to rendering what is fair and just,” said Nograles. “Our partnership reflects our sincere commitment in strengthening the banking system primarily, and in the long run, in establishing the value of collective effort in any national endeavor.”

The conduct of the seminar-workshop set on June 16 is a milestone for PDIC because it is the first to be undertaken for the judges. It also coincides with the first day of the commemoration of the Depositors Protection and Awareness Week which is on its 7th year. PDIC and PhilJA will likewise conduct a series of seminar workshops in Luzon, Visayas and Mindanao within the year.