55th Anniversary of the
Philippine Deposit Insurance Corporation
June 22, 2018
(Pleasantries)
Congratulations to the officers and staff of the Philippine Deposit Insurance Corporation (PDIC) on your 55th anniversary.
I am happy to note that the PDIC is one of our best-run government corporations. It has been awarded the top score of 99.5 percent in the 2015 Corporate Governance Scorecard conducted by the Institute of Corporate Directors. It has likewise received the Award of Excellence from the Governance Commission for GOCCs (GCG).
In addition, the PDIC has maintained its ISO certification for two of its frontline services, the Claims Settlement Operations and the Assessment of Member-banks. Recently, the corporation obtained a third certification standards for its Loan Management System.
At the Bangko Sentral ng Pilipinas (BSP) Stakeholders Awards last year, the PDIC was named Outstanding Financial Inclusion Partner. The list of awards for the corporation is a long one. Nevertheless, the PDIC continues relentlessly in its pursuit of excellence notwithstanding your Very Satisfactory rating for your frontline services. You have ensured prudential management of the deposit insurance fund, prompt settlement of deposit insurance claims and immediate distribution of closed bank’s assets to creditors.
All these are very important to maintaining the Corporation’s credibility and reputation. The PDIC’s mandate is to build the trust and confidence of the public in our banking system and guarantee that their deposits are properly covered by insurance should any failure happen. The trust of small depositors is indispensable. Otherwise, our banking system will not be as strong as it presently is.
The PDIC likewise sets an excellent benchmark to challenge other GOCCs. You inspire the others to match your record of excellence. This is important to raising the overall quality of governance in our country.
We are trying to build a modern economy for our people. That is possible only if we are able to provide modern governance. On the part of our GOCCs, we are encouraging them to constantly undertake measures that will ensure transparent, responsible and innovative corporate governance.
In particular, we are encouraging our banking system to reach out to the unbanked sections of our society and broaden the base of our financial system. That task requires credible insurance protection for depositors. I am happy to note that the PDIC is delivering precisely that assurance.
Notwithstanding the high marks you have obtained by constant improvement of your own internal management, there are more things to be done. Rapid advances in financial technologies require all of us to be on our toes. Technological changes can often be disruptive. We have to anticipate the disruptions. We need to have constantly adapting processes within all institutions in our financial sector.
I have no doubt the PDIC is appropriately inclined and sufficiently motivated to meet the challenges of a rapidly changing financial landscape.
Keep up the good work and I look forward to seeing you on your next anniversary. I am sure the PDIC will be an even stronger corporation at that time.
Thank you and good day.
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