BSP supports amendments to PDIC Charter

The Bangko Sentral ng Pilipinas (BSP) supports legislative initiatives to amend the charter of the Philippine Deposit Insurance Corporation (PDIC) which is seen to further strengthen the supervision of the Philippine banking system.

The proposed amendments include organizational reforms that will make the PDIC an attached agency of the BSP, which is the regulator of the banking industry.

This is seen to further harmonize the interplay between the central bank and the country’s deposit insurance entity, thereby resulting in better policy coordination.

Supported by the International Monetary Fund, the reform initiative is also expected to enhance synergy among BSP, PDIC and other domestic financial regulators in promoting the country’s financial stability.

The BSP looks forward to continuing coordination with the legislature and the PDIC for the immediate passage of the bill that will amend the PDIC charter.