MANILA, Philippines — Philippine Deposit Insurance Corporation (PDIC) president and CEO Roberto B. Tan was elected as member of the Executive Council of the International Association of Deposit Insurers (IADI) during its 23rd IADI Annual General Meeting in Tokyo, Japan on November 15, 2024.
Established in May 2002, IADI is a non-profit organization based in Basel, Switzerland that aims to set standards for deposit insurance systems and serves as the principal forum where deposit insurers from around the world meet to share knowledge and expertise.
The Association promotes international cooperation and guidance in the field of deposit insurance.
It also provides training and technical assistance; and produces research and guidance on matters related to deposit insurance.
The Executive Council is IADI’s policy making body and is ably supported by five Council Committees and regional committees which serve as fora in which members of the IADI regions discuss topics of special interest to the region.
The regional committees are for Africa, Asia-Pacific, the Caribbean, Eurasia, Europe, Latin America, the Middle East and North Africa, and North America.
“The representation of the PDIC in the 25-member IADI Executive Council will considerably advance our efforts to strengthen mutual cooperation and assistance among our deposit insurance peers globally. This is also timely as we propose reforms to the Philippine deposit insurance system through legislation. Our institutional partnership with IADI has greatly provided resources and contributed to enhancing PDIC’s operational efficiency to ensure that our processes adhere to the Core Principles for Effective Deposit Insurance Systems formulated by IADI,” said President Tan.
Prior to the election of President Tan to the Executive Council, he served as IADI Treasurer for the past six years.
IADI is currently being led by its president and Executive Council chairperson Alejandro López, who is CEO of Seguro de Depósitos Sociedad Anónima (SEDESA, Argentina).
It is a 99-member strong organization.
It also has 11 associates which represent entities that do not fulfil the criteria to be members but are part of a financial safety net and have a direct interest in the effectiveness of a deposit insurance system.
The Philippine Deposit Insurance Corporation (PDIC) was established on 22 June 1963 by Republic Act 3591 to protect depositors and help maintain stability in the financial system by providing deposit insurance, co-regulating banks with the Bangko Sentral ng Pilipinas (BSP), and liquidating closed banks.
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