Maximum Deposit Insurance for Each Depositor Php500,000
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PDIC President assumes office

February 16, 2017

New leadership. Former Philippine Deposit Insurance Corporation (PDIC) President Cristina Que Orbeta turns over the PDIC flag to incoming PDIC President Roberto B. Tan in a simple ceremony held at the PDIC Office on February 3, 2017.

Former National Treasurer Roberto B. Tan assumed as the 12th President of the Philippine Deposit Insurance Corporation (PDIC) in a simple turnover ceremony on February 3, 2017 at the PDIC Office in Makati City.

Former PDIC President Cristina Que Orbeta is optimistic that her successor will continue to champion initiatives to further strengthen protection for the depositing public. She expressed gratitude for the opportunity to lead the state deposit insurance agency from November 2014 when she was elected President. Under her term, PDIC pursued legislative reforms to strengthen its authorities particularly in depositor protection, and in the resolution and liquidation of banks. The amended PDIC Charter took effect on June 11, 2016. Under her leadership, PDIC was conferred the Award for Excellence from the Governance Commission for GOCCs (GCG) and the Institute of Corporate Directors (ICD), as champion of good governance, besting 89 other GOCCs in terms of compliance with the Corporate Governance Scorecard for GOCCs.

PDIC President Tan expressed optimism that with collective effort from management and staff, PDIC could build on its successes and track record in promoting depositor protection and financial stability. He said that he would support initiatives toward institutional and human resource capacity building as these will be essential in pursuing new opportunities to further strengthen the Philippine deposit insurance system and make it more responsive to the challenges of the changing financial landscape.

President Tan served as National Treasurer of the Bureau of the Treasury for two terms from 2008 to 2012 and from 2015 to 2017, and concurrently served as the Officer-in-Charge of the International Finance Group of the Department of Finance from 2015 to 2016, prior to joining the PDIC. He also served as Executive Director of the World Bank Group and Affiliates from 2012 to 2015.

President Tan has extensive experience in public finance having assumed several key positions in the Department of Finance, including Undersecretary from 2005 to 2008, Assistant Secretary from 1999 to 2005, and Director in the early 1990s for the International Finance Group. He also assumed the post of Advisor to the Executive Director of the Asian Development Bank Board. His professional background includes treasury management, international finance, consumer credit, and management consulting.

The new PDIC President also served as an Alternate Member of the Board of several government agencies including the Monetary Board of the BSP, Land Bank of the Philippines, Philippine Export-Import Credit Agency, Philippine Health Insurance Corporation, Home Development Mutual Fund (Pag-ibig Fund), Home Guaranty Corporation, and the Foundation for the Philippine Environment.

President Tan holds a Masterís degree in Economics from Fordham University, New York, USA, where he also pursued doctorate studies. He obtained his MBA from the Ateneo de Manila University where he likewise received his Bachelorís degree in Economics.

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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 P500,000 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.

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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability
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