The Philippine Deposit Insurance Corporation (PDIC) and the Philippine Judicial Academy (PHILJA) renewed their partnership to promote depositor protection and financial stability. PDIC President Valentin A. Araneta and PHILJA Chancellor Justice Adolfo S. Azcuna signed on November 8, 2012, a memorandum Memorandum of understanding Understanding (MOU) for the conduct of the 5th Seminar-Workshop on Deposit Insurance, Banking Practices and Bank Conservatorship, Receivership and Liquidation. The Seminar-Workshop is aimed at to enhancing enhance the appreciation and understanding of members of the Judiciary of banking jurisprudence particularly on the PDIC mandates.
The seminar5th Seminar-workshop Workshop on deposit insurance, banking practices and bank conservatorship, receivership and liquidation caters was conducted for to the members of the Judiciary from the Court of Appeals, and Regional Trial Courts (RTCs) Judges in Regions Â 1, 3 and 4 that who are handleing Petitions for Assistance in the Liquidation (PALs) of closed banks and/or Â those who preside over designated as commercial courts. Â The nationwide public engagement that began in June 2009 has reached various judicial communities in the National Capital Region, Luzon, Visayas and Mindanao. Â The first four runs were well-received by the participants with a record-high satisfaction level on the seminarâ€™s content.
The 5thÂ series of the Seminar-Workshop was held November 13 to 14, 2012 at the Century Park Hotel, Manila. Â Lecturers for the two-day seminar included: Â Associate Justice Estela M. Perlas-Bernabe (Supreme Court); Dr. George Cheselden V. Carmona (PhilJAProfessorial Lecturer, PHILJA-Commercial Law Department); PDIC General Counsel Romeo M. Mendoza, Jr.; PDIC Vice President Atty. Ma. Antonette B. Bolivar; Bangko Sentral ng Pilipinas Deputy Governor and General Counsel Juan de ZuÃ±iga, Jr.; and Deputy Director Richard David C. Funk II (Anti-Money Laundering Council). Â
The synergy among the government agencies to protect the depositing public is part of the governmentâ€™s efforts to prevent bank frauds and irregularities. Â
Public engagement with various stakeholders is in line with PDICâ€™s strategic direction to promote awareness on PDICâ€™s mandates, depositor protection and financial stability. Â PDIC and PhilJA PHILJA expressed optimism that the partnership will cover as much practitioners in members of the Judiciary.
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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 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. 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, Â www.pdic.gov.ph.
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