BSP, PDIC revise bank exam pact to boost oversight

The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) signed a revised Memorandum of Agreement (MOA) on Bank Examination on October 17, 2025, at the BSP Head Office in Manila.

The updated agreement is designed to enhance coordination between the two financial regulators in overseeing the banking system through joint and independent examinations.

“This new MOA strengthens our partnership by defining our division of labor more clearly,” said BSP Governor Eli M. Remolona, Jr.

“BSP focuses on credit, market, operational risks. PDIC focuses on deposit-related risks,” he added.

PDIC President and Chief Executive Officer Roberto B. Tan said the agreement reinforces public confidence in the country’s financial system.

“For depositors, today’s agreement is a renewed assurance — your hard-earned savings are safeguarded by two financial regulators, working seamlessly together to uphold your trust,” Tan said.

This is the second amendment to the original 2005 agreement and aims to prevent duplication of work while creating a streamlined data-sharing framework.

The revised MOA also supports existing onsite examination protocols and brings the agreement in line with amendments to both agencies’ charters.

Key updates include joint planning and scheduling of bank examinations, as well as procedures for pre-exam activities, report writing, issuance of directives, and compliance monitoring.

The agreement further enhances information exchange by granting both institutions access to reports, findings, and other critical data, within the bounds of confidentiality laws and policies.

Present during the signing ceremony were BSP Deputy Governor Lyn I. Javier and PDIC Vice President Niño Ray L. Villaluna, who witnessed the formalization of the revised accord.