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Convergence: PDIC, Pampanga bank groups sustain partnership to promote depositor protection, financial inclusion

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THE Philippine Deposit Insurance Corporation (PDIC) conducted Convergence, a dialogue
with members of the Pampanga Bankers Association and Pampanga Federation of Rural
Banks, on October 10, 2023 in San Fernando, Pampanga.

Convergence is a sustained initiative since 2019 and is aimed at fostering stronger
partnership between PDIC and the banking community to help build depositor confidence
in the banking system. The PDIC, as the state deposit insurer, works closely with the banks
towards their shared goal of protecting the depositing public and promoting financial
inclusion in the country.

The conduct of Convergence with Pampanga bank groups enabled PDIC to discuss anew
its roles in supporting the banking community by working closely with the member
institutions of the Financial Stability Coordination Council, to mitigate systemic risks
through timely macroprudential policy interventions. The dialogue also acquainted the
bank groups with the salient provisions of the recently amended PDIC Charter, which
equipped the PDIC with enhanced authority to adjust the coverage of deposit insurance, if
warranted; as well as ensured a more effective coordination between the PDIC and the
Bangko Sentral ng Pilipinas to where the former is now attached for policy and program
coordination.

The PDIC likewise encouraged the bank groups to maximize opportunities for partnership
with the Corporation through relevant information-sharing, participation in PDIC programs,
consultations, and dialogues, as well as the sharing and promotion of PDIC-produced
multimedia tools to encourage the habit of saving in banks.

This year’s first dialogue series was held in Cebu in May. A forthcoming run is scheduled
this month in Cagayan de Oro for the Mindanao-based banking community.

The PDIC is the state deposit insurer that protects depositors through deposit insurance of
up to P500,000 per depositor, per bank. The PDIC is also involved in bank risk mitigation
activities and the receiver of closed banks. As one of the pillars of the country’s financial
safety net system, the PDIC regularly conducts consultation meetings with various
stakeholder groups nationwide to engage them as partners in promoting depositor
protection and financial stability.

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