PDIC, Philippine central bank sign revised agreement to enhance bank oversight

The agency said this will give depositors “renewed assurance.”

The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) have signed a revised Memorandum of Agreement (MOA) on Bank Examination to improve coordination in supervising banks. 

BSP Governor Eli M. Remolona, Jr. said the new agreement “strengthens our partnership by defining our division of labour more clearly,” with the BSP focusing on credit, market, and operational risks, whilst the PDIC concentrates on deposit-related risks.

PDIC President and CEO Roberto B. Tan said the agreement gives depositors “renewed assurance” that their savings are protected by two regulators working together to uphold trust in the banking system.

The signing took place on 17 October at the BSP Head Office.

This marks the second amendment to the original 2005 agreement. 

The revised MOA aims to prevent duplication of work, improve data sharing, and align with the amended BSP and PDIC charters. 

It also formalises detailed procedures for joint bank examinations—from planning and pre-examination activities to report writing, issuance of directives, and monitoring compliance.