Left: Amar Lkhagvasuren and Roberto B. Tan
The parties will exchange international experience, best practices, and technical knowledge to enhance the quality of deposit insurance systems, as reported by MiddleAsianNews.
The memorandum was signed by the President and CEO of PDIC, Roberto B. Tan, and a board member of the National Deposit Insurance Committee of Mongolia, Amar Lkhagvasuren, during the annual conference of the International Association of Deposit Insurers (IADI) held in Lisbon, Portugal.
This cooperation, as stated in the memorandum, is the first of its kind and underscores the commitment of both organizations to improve the protection of depositors' interests and maintain financial stability in their countries.
The memorandum is valid for five years, with the possibility of extension for an additional five years by mutual written agreement of the parties.
The document outlines the framework for consultations, cooperation, and experience sharing between PDIC and DICoM in areas such as deposit insurance, management of insolvency and liquidation, resolution of banking issues, risk management, and information technology for database administration.
Additionally, the memorandum will create conditions for discussing international standards and recommendations for deposit insurance, helping both organizations adapt to changing financial conditions.
An important part of the agreement is the possibility of conducting joint activities, such as research projects, high-profile visits, and the establishment of working groups to support initiatives in capacity building, including training and technical exchange.
The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963, under Republic Act No. 3591, with the aim of protecting the interests of depositors and maintaining financial stability.
PDIC operates as an agency under the Central Bank of the Philippines (Bangko Sentral ng Pilipinas) and is a member of several financial organizations, including the Financial Sector Forum and the Financial Stability Coordination Council.
The Deposit Insurance Law, adopted by the Parliament of Mongolia on January 10, 2013, laid the foundation for the establishment of the Mongolian Deposit Insurance Corporation (DICoM), which is responsible for protecting the interests of depositors and ensuring financial stability. DICoM is a non-profit state corporation and was officially opened on August 16, 2013, receiving a certificate from the government.
