BSP, PDIC strengthen coordination on bank oversight
The Bangko Sentral ng Pilipinas partnership with the Philippine Deposit Insurance Cooperation is being strengthened by an updated memorandum of agreement aimed at streamlining how both financial regulators oversee the country’s banking system – enhancing efficiency, reducing overlap, and ensuring depositor protection amid a fast-evolving financial landscape.
BSP Governor Eli M. Remolona Jr. (2nd from right) said the updated memorandum of agreement between the Bangko Sentral ng Pilipinas and the Philippine Deposit Insurance Corporation Inc. ‘strengthens our partnership by defining our division of labor more clearly: BSP focuses on credit, market, (and) operational risks (while the) PDIC focuses on deposit-related risks.’ Photo after the MoA signing shows (from left) PDIC vice president Niño Ray L. Villaluna, PDIC president Roberto B. Tan and BSP Deputy Governor Lyn I. Javier.
Photograph courtesy of BSP
