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PHILIPPINE DEPOSIT INSURANCE CORPORATIONMAKATI CITY

NEWS/PRESS RELEASEPR-168-13Date of Release: December 11, 2013PDIC presents Deposit Insurance Organization of the Year Award to

Finance SecretaryFinance Secretary and PDIC Chairman Cesar V. Purisima was presented the DepositInsurance Organization (DIO) of the Year award by PDIC President Valentin A. Aranetain simple ceremonies held on December 10, 2013. Purisima congratulated the entire

PDIC workforce for the international recognition. He also commended the PDIC for

living up to President Benigno S. Aquino IIIs advocacy for good governance inPhilippine institutions. He urged the PDIC to sustain and continually improve its

operations in the performance of its multi-faceted role as Deposit Insurer, Co-regulator

of banks, and Receiver and Liquidator of closed banks.

The PDIC was named DIO of the Year 2013 by the International Association of Deposit

Insurers (IADI) in recognition of its significant achievements in bank resolutions and

payouts, compliance to the IADI Core Principles, international participation; and

improvements in the deposit insurance system. IADI is an organization of 71-member

deposit insurance organizations based in Basel, Switzerland

The DIO of the Year Award highlights the celebration of PDICs 50thanniversary year.

The PDIC continuously implements efforts to comply with the IADI Core Principles for

Effective Deposit Insurance Systems and other international best practices.

The IADI was established in May 2002 with PDIC as one of its founding members. In

2005, the IADI began conferring the DIO Award to a member in celebration of an

important achievement and/or recognition of the contributions that the Member has

made to furtherance of IADIs goals. The first organization to receive the award was theCentral Deposit Insurance Corporation of Taiwan.

The other awardees of the DIO Award are the Korea Deposit Insurance Corporation

(2012), Malaysia Deposit Insurance Corporation (2011), Deposit Insurance Corporationof Japan (2010), Savings Deposit Insurance Fund of Turkey (2009), U.S. Federal Deposit

Insurance Corporation (2008), Brazils Fundo Garantidor de Crditos (2007) and theCanada Deposit Insurance Corporation (2006).

* * * * *The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by

http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/

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Republic Act 3591 to provide depositor protection and help maintain stability in the financial

system by providing permanent and continuing 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.

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.

Corporate Communications Dept.Tel: (O2) 8414637 / Fax (02) 8414833Trunkline: (02) 8414000Email:ccd@pdic.gov.ph

http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/mailto:ccd@pdic.gov.phmailto:ccd@pdic.gov.phmailto:ccd@pdic.gov.phhttp://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/http://www.pdic.gov.ph/