April 7, 2017

TÜV Rheinland Philippines, Inc. has recognized the quality management system (QMS) of the Philippine Deposit Insurance Corporation (PDIC) for its assessment of member-banks as ISO 9001:2008 certified. This is PDIC’s second process within its expanded QMS to be certified under the ISO 9001:2008 standard following the recertification of its claims settlement operations (CSO) by the same certifying body in 2016.

TÜV Rheinland Philippines, Inc. issued the ISO 9001:2008 certification after its audit found that PDIC conformed with standards with zero non-conforming practices.

PDIC provides a maximum deposit insurance coverage of PHP500,000.00 per depositor per bank and is mandated to prudently manage and build up the level of the Deposit Insurance Fund (DIF), the main fund source for payment of deposit insurance claims in case of bank closures. To continuously build up the DIF to the target adequacy level, member-banks are currently assessed the annual flat rate of 1/5 of one percent of their total deposit liabilities and the assessment collected by PDIC semi-annually (January and July) from member-banks form part of the DIF.

As of end-December 2016, PDIC assessment covered 602 member-banks with aggregate 53 million deposit accounts, representing total deposits of PHP10.5 trillion. Total insured deposits accounted for PHP2.3 trillion or 21.5% of total deposits in the banking system.

“PDIC has established and maintains an effective system to ensure compliance with its policy and objectives,” TÜV Rheinland said, confirming that the Corporation’s QMS complied with all audit standards. Based on quality management principles, the ISO 9001 standard includes “customer focus” ensuring that customer requirements are determined and are met with the aim of enhancing customer satisfaction.

According to the state deposit insurer, the ISO certification is a testament to PDIC’s commitment to continuously improve its systems and practices in carrying out its mandate for the benefit of the depositing public consistent with international best practices.

TÜV Rheinland Group, founded in 1872, is a global provider of technical, safety, and certification services with headquarters in Germany and operates in 520 offices in 69 countries.

* * * * *

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.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.