The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corp. (PDIC) have signed a revised memorandum of agreement (MOA) on bank examination to improve coordination in assessing the country’s banking institutions. The signing ceremony was held at the BSP head office in Manila.
“This new MOA strengthens our partnership by defining our division of labor more clearly. BSP focuses on credit, market, and operational risks. PDIC focuses on deposit-related risks,” BSP Governor Eli M. Remolona, Jr. said.
PDIC president and chief executive officer Roberto B. Tan added, “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.”
The new agreement marks the second amendment to the original MOA signed in 2005. It seeks to eliminate duplication of efforts, promote a data-sharing framework, and align the collaboration with the amended charters of both agencies. The revisions also support existing onsite examination arrangements between the BSP and PDIC.
Under the updated terms, the two agencies will conduct detailed joint activities, including the planning and scheduling of examinations, pre-examination procedures, actual examinations, report preparation, issuance of directives, and monitoring of compliance by examined banks.
The revised MOA also enhances information sharing between the BSP and PDIC. Both institutions will have access to examination reports and related data, subject to confidentiality provisions under existing agreements, laws, and regulations.
