Sign up | Log in



Home  >>   Daily News  >>   Philippine News  >> Finance  >> Deposit insurers sign cross-border pact
NEWS UPDATES Asean Affairs   20 June 2013  

Deposit insurers sign cross-border pact

The Philippine Deposit Insurance Corp. (PDIC) and the Federal Deposit Insurance Corp. (FDIC) of the US has recently signed a joint communiqu? for cross-border cooperation to ensure both countries’ financial stability by improving depositor protection.

“The two Agencies agreed to exchange information on policies, tool kits and best practices as allowed by their respective laws since such cooperation would be useful in promoting regional and global financial stability,” the PDIC announced yesterday.

The PDIC, which will turn 50 years old at the end of the week, is currently hosting the five-day 39th International Association of Deposit Insurers (IADI) Executive Council Meeting and International Conference.

PDIC President Valentin A. Araneta said the opportunity to bring together the IADI and hosting the international meetings is an “occasion where the economic progress of the Philippines based on a platform of good governance can be appreciated by delegates from deposit insurance agencies”. About 30 deposit insurance corporations from different countries and jurisdictions are attending the conference.

The signing of the Communiqu? with FDIC is the first to be concluded during the meetings in Manila.

PDIC in a statement said this cross-border cooperation is to be conducted on a mutual basis and the Communiqu? covers cooperation on technical inquiries, bilateral meetings between the two organizations and possible assistance on cross-border issues to the extent permitted by each country’s laws, rules and regulations.

“The Communiqu? is a response to the need for cooperation and exchange of information among financial safety net players to address and mitigate systemic risks in a global financial system with interdependent economies,” said PDIC’s Valentin. “The increasing globalization and complexity of large financial institutions creates unique challenges for regulatory authorities. The agencies are committed to open cooperation and communication to enhance financial stability.”

IADI is a non-profit organization of deposit insurers established in May, 2002 aimed at contributing to the enhancement of deposit insurance systems by promoting research and guidance based on best practices for deposit insurers, and for international cooperation. IADI currently has 68 member-countries/organizations, nine associates, and 12 partners.

PDIC said the international conference will highlight the relevance of financial inclusion to deposit insurance and financial stability.

Last month, PDIC also renewed its mutual cooperation with its Japanese counterpart the Deposit Insurance Corporation of Japan (DICJ). (LCC)

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories    20 June 2013 Subsribe Now !
• AirAsia & AirAsia X clinch awards at World Airline Awards 2013 Subcribe: Asean Affairs Global Magazine
• Malaysia budget airport launch pushed to May 2014 Asean Affairs Premium
• AirAsia Places US$8.6 billion CFM Engine Order
• US-ASEAN Business Council Releases Policy Paper Ahead of CEO Mission
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Ban on plastics misplaced – PCCI
• Deposit insurers sign cross-border pact
• Foreign companies join manufacturing trade show
Asean Analysis            19 June 2013 Advertise Your Brand
• Asean Analysis- June 19, 2013
• Asean Weekly: The Biweekly Update
Asean Stock Watch     19 June 2013
• Asean Stock Watch-June 19, 2013  

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand