State-owned Philippine Deposit Insurance Corp. (PDIC) has been chosen as the Deposit Insurance Organization (DIO) of the Year for 2013 by the International Association of Deposit Insurers (IADI).
AIDI is an organization of 71 member-deposit insurance organizations based in Basel Switzerland.
AIDI announced the selection of PDIC during the 12th IADI Annual Conference and Annual General Meeting of Members (AGM) in Buenos Aires, Argentina, on November 7.
In a statement, PDIC President Valentin Araneta said that he is humbled by the award, which reflects the hard work and commitment of the government insurer’s board, officers and staff.
Araneta noted that international recognition of the effectiveness of Philippine government institutions serve to inspire domestic and foreign confidence in the Philippine economy.
Finance Secretary Cesar Purisima, on the other hand, lauded the board officers and staff of PDIC on the international recognition.
He exhorted the state insurer to sustain and continually improve its good governance standards and its oversight over the handling of bank deposits, adding that good governance of banks is the best measure of depositor protection.
“In its continuing efforts to comply with the Core Principles for Effective Deposit Insurance Systems and other international best practices, PDIC has subjected itself to assessments and is an active participant in IADI activities,” PDIC said.
IADI began conferring the DIO Award in 2005 to a member in celebration of an important achievement and/or in recognition of the contribution that the member has made to furtherance of IADI’s goals.
The first organization to receive the award was the Central Deposit Insurance Corp. of Taiwan.
Other organizations that won in the other categories include the Deposit Insurance Agency of Russian Federation for the “Award for Achievement in Banking Resolutions and Payouts,” Bank Guarantee Fund of Poland for the “Award for Core Principles and International Participation,” and Kazakhstan Depo- sit Insurance Fund for the “Award for Deposit Insurance System Improvements.”
The DIO of the Year Award for 2013 was presented to PDIC being the IADI member with significant achievements in all three categories.