PDIC, Indonesia Renew Cross-Border Deposit Insurance Deal

TOKYO — The Philippine Deposit Insurance Corporation (PDIC) and Indonesia Deposit Insurance Corporation (IDIC) have renewed their cross-border cooperation agreement to bolster depositor protection and financial stability in both countries.

The Memorandum of Understanding (MOU) was signed by PDIC President and CEO Roberto B. Tan and IDIC Chairman Purbaya Yudhi Sadewa on November 12, 2024, during the 23rd International Association of Deposit Insurers (IADI) Annual General Meeting in Tokyo, Japan.

This partnership, first established in October 2015, reinforces collaboration on deposit insurance, receivership, liquidation, risk management, and public awareness initiatives.

“The MOU underscores our shared commitment to protecting depositors and promoting financial stability in an increasingly interconnected global financial system,” said PDIC President Tan.

The agreement outlines specific measures such as expert exchanges, bilateral meetings, technical inquiries, and joint research projects. Both agencies aim to leverage these initiatives to enhance their respective deposit insurance systems.

IDIC Chairman Sadewa highlighted the importance of regional collaboration, saying, “This partnership exemplifies our dedication to upholding global standards and addressing emerging challenges in deposit insurance.”

The renewed MOU aligns with IADI’s Core Principles for Effective Deposit Insurance Systems, particularly on cross-border issues. As active members of the Basel-based IADI, both the PDIC and IDIC remain committed to fostering international cooperation and adhering to global best practices.

PDIC and IDIC are part of IADI’s 99-member network, which serves as a hub for knowledge-sharing, training, and technical assistance in deposit insurance.

This strengthened collaboration reflects the evolving needs of the financial landscape and reinforces the agencies’ mandate to safeguard depositors amid increasing globalization.