PDIC, OGCC partnership to bolster depositor protection

MANILA, Philippines —  The Philippine Deposit Insurance Corp. (PDIC) has partnered with the Office of the Government Corporate Counsel (OGCC) to strengthen depositor safeguards and reinforce public confidence in the banking system through enhanced legal support.

The two agencies formalized the collaboration with the signing of a memorandum of agreement for the provision of special legal services by the OGCC to the PDIC in simple ceremonies held in Makati on Dec. 16.

PDIC president and CEO Roberto Tan and Government Corporate Counsel Solomon Hermosura signed the agreement.

Under the agreement, the OGCC will assign a dedicated legal team to provide legal assistance and representation to the PDIC.

The scope of services includes the enforcement of the PDIC’s rights, representation in mediation and arbitration proceedings, advisory on regulatory compliance and major procurement projects, legal risk assessments, conduct of preliminary and formal investigations in administrative cases and the preparation and filing of foreclosure petitions.

Tan said the partnership would allow the PDIC to better address increasingly complex legal challenges.

“The partnership will enable the corporation to navigate complex legal challenges and focus on delivering impactful programs and services to the depositing public and the country’s financial system,” Tan said.

For his part, Hermosura expressed full support for the collaboration, noting the OGCC’s mandate to assist government-owned and controlled corporations.

Hermosura said that for the PDIC, the partnership is “an opportunity for the OGCC to help the corporation preserve confidence in the banking system, a key pillar of a stable economy.”

Both agencies are optimistic that the agreement will contribute to nation-building efforts and help maintain a stable and resilient financial system through stronger enforcement of the rule of law.