Angara: PDIC charter amendments will yield stronger, more resilient PH banking system

Senate Finance Committee head Senator Sonny Angara on Monday assured that the latest amendments to the Philippine Deposit Insurance Corporation charter will result in a stronger and more resilient banking system in the country.

The new PDIC charter, he said, will streamline the operation of the PDIC so it can focus on its core function of securing the deposits of the public by providing insurance coverage for banks. “This move is logical considering that the PDIC deals with deposit insurance for banks and the BSP, as the country’s Central Bank, sets the monetary policy and has financial supervision over the banks,” said Angara, author and sponsor of the bill.Incidentally, history was also made in the passage of the bill as Angara and his father, the late former Senate President Edgardo J. Angara were both the sponsors of the latest amendments to the PDIC charter.

Angara said attaching the PDIC to the BSP will strengthen the cooperation between the two agencies, make their collaboration more efficient, and prevent the possible overlapping of their functions.

Source: Financial Digest (financialdigest.net)

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