CROSS-BORDER COOPERATION AND INFORMATION-SHARING. The Philippine Deposit Insurance Corporation (PDIC) and the Deposit Protection Agency of Thailand (DPA) signed an agreement on cross-border cooperation and information-sharing on November 20, 2014 at the PDIC Office in Makati City. PDIC President Cristina Q. Orbeta (4th from left) and DPA President Sorasit Soontornkes (5th from left) shake hands after the signing the memorandum of understanding (MOU) that aims to address and mitigate risks in the global financial system as well as to respond to the need for international cooperation among financial safety-net players. Also present in the signing ceremonies are (L-R), PDIC Executive Vice President Imelda S. Singzon, PDIC Director Rogelio W. Manalo, PDIC Director Protacio T. Tacandong, DPA SVP Narida Sreshthaputra, DPA VP Chiranuwat Tanyacharoen and DPA Assistant VP Kaankorn Jakkrichkul.
The Philippine Deposit Insurance Corporation (PDIC) and the Deposit Protection Agency of Thailand (DPA) signed a memorandum of understanding (MOU) to strengthen the cross-border partnership between the two deposit insurance agencies. The MOU was signed by PDIC President Cristina Q. Orbeta and DPA President Sorasit Soontornkes on November 20, 2014 at the PDIC Office in Makati City.
The signing of the MOU aims to promote cooperation and collaboration between the PDIC and the DPA, as well as to facilitate effective information- sharing that would help develop and enhance the effectiveness of the deposit insurance systems of the Philippines and Thailand.
The MOU provides for the sharing of knowledge, expertise and experience; conduct of study visits, trainings, seminars and bilateral meetings; and assistance on technical inquiries and cross-border issues between the two agencies.
Both the PDIC and DPA are members of the International Association of Deposit Insurers (IADI) and the MOU will enable both agencies to further enhance their compliance with the IADI Core Principles for Effective Deposit Insurance Systems, specifically the Core Principle on cross-border issues.
PDIC President Orbeta expressed optimism over the cross-border partnership and hoped that the two deposit insurance agencies would be able to fully implement the terms of MOU. She also looked forward to activities and initiatives that would further strengthen cooperation and understanding on a bilateral basis.
DPA President Soontornkes stressed that the agreement between the deposit insurance agencies presented a good opportunity for the exchange of knowledge, experiences and information that will enhance the organizational efficiency and effectiveness of PDIC and DPA.
The partnership with DPA is the fifth cross-border agreement that the PDIC has embarked on since 2013. The Corporation has cross-border cooperation agreements with its counterparts from Japan, USA, Malaysia and Korea.
