PDIC, Kyrgyz agency strengthen depositor protection ties

MANILA — The Philippine Deposit Insurance Corporation has signed a bilateral cooperation agreement with the Deposit Protection Agency of the Kyrgyz Republic to strengthen collaboration on depositor protection, bank resolution, and financial stability.

The agreement could improve the PDIC’s capacity to respond to bank failures and emerging financial risks by giving the state deposit insurer access to international expertise, operational experience, and evolving global practices.

Stronger crisis preparedness is important to depositors because an effective insurance and resolution system can help preserve public confidence, protect savings, and limit disruptions when a bank encounters financial distress.

PDIC President and CEO Roberto B. Tan and DPAKR Executive Director Kadyrbek Bukuev signed the memorandum of understanding on the sidelines of the International Association of Deposit Insurers’ 85th Executive Council meeting in Sardinia, Italy, on June 23, 2026.

The agreement marked another step in the PDIC’s efforts to expand international cooperation and promote knowledge exchange on deposit insurance policies and best practices.

“This partnership reflects our commitment to continuous learning, international cooperation, and the pursuit of excellence in deposit insurance. By sharing knowledge and experiences with our counterparts, we strengthen our capacity to respond to emerging challenges, adopt leading practices, and better fulfill our mandate of protecting depositors and supporting financial system stability,” Tan said.

The memorandum establishes a framework for sustained cooperation between the Philippines and the Kyrgyz Republic.

The two agencies will share expertise, exchange experiences, and deepen professional engagement in areas considered essential to effective deposit insurance systems and crisis preparedness.

The partnership covers deposit insurance, bank resolution, receivership and liquidation, and risk management.

It also includes premium assessment, funding arrangements, information technology for database administration, legal and administrative processes, and public awareness initiatives.

The memorandum allows the agencies to exchange views on the implementation and impact of international deposit insurance standards and guidance.

The PDIC said dialogue on evolving global practices would help strengthen institutional capabilities and improve the resilience of financial safety nets in both jurisdictions.

The two agencies will hold bilateral meetings on mutually identified areas of expertise.

They will also facilitate exchanges during international conferences and senior-level visits.

The agreement provides for cooperation on cross-border issues when appropriate and consistent with the agencies’ respective legal and regulatory frameworks.

It also permits discussions on other matters of shared interest that support their mandates.

The PDIC said international cooperation among deposit insurers has become increasingly important as financial systems grow more interconnected.

Closer institutional ties and the exchange of practical expertise are expected to improve preparedness, encourage innovation, and reinforce confidence in the financial safety nets of the Philippines and the Kyrgyz Republic.

The PDIC has forged technical cooperation alliances with counterparts from Germany, Indonesia, Japan, Kazakhstan, Malaysia, Mongolia, Russia, South Korea, Thailand, the United Kingdom, the United States, and Vietnam.

The corporation said these agreements support efforts to align Philippine deposit insurance practices with global standards.

The PDIC was established on June 22, 1963, under Republic Act 3591 to protect depositors and help maintain financial system stability.

It is an attached agency of the Bangko Sentral ng Pilipinas.

The PDIC is also a member of the Financial Sector Forum, the Financial Stability Coordination Council, and the Financial Inclusion Steering Committee.