PDIC appoints 2 new independent directors

MANILA, Philippines — Two independent directors were sworn in as private sector representatives to the governing board of the Philippine Deposit Insurance Corp. in simple ceremonies held at the PDIC office in Makati on Dec. 19.

PDIC chairperson and Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. administered the oath of office to directors Justice Lady Soriano and Imelda Tiongson, formally completing their appointment to the PDIC board of directors.

In a statement, the PDIC said directors Soriano and Tiongson “bring with them a wealth of experience and expertise” in investment banking and financial management as well as governance, risk management and financial technology.

Their strong banking and financial backgrounds are seen to “further strengthen the PDIC organization in the discharge of its mandate to safeguard the interest of the depositing public and promote financial stability.”

As independent directors, Soriano and Tiongson are expected to play a key role in “ensuring impartiality to policies governing deposit insurance” and in promoting “the integrity and soundness of the country’s deposit insurance system,” the PDIC said.

Soriano currently serves as chief finance officer of Synergy Grid and Development Philippines Inc., where she oversees financial management and planning and ensures compliance and reporting to the Securities and Exchange Commission and the Philippine Stock Exchange.

She previously worked as a consultant for Calaca High Power Corp. and as assistant vice president of the Development Bank of the Philippines. She also served as manager of the PDIC Financial Assistance Management Center from 1996 to 2006.

She holds a degree in economics from Ateneo de Manila University and a master’s degree in finance from De La Salle University.

Meanwhile, Tiongson’s professional career spans more than three decades covering banking and finance, audit and risk management, corporate governance as well as information technology.

She is the current vice chairperson and trustee of the Institute of Corporate Directors, a trustee of Fintech Alliance PH and Womenbiz PH and chairman of the governance committee of the Management Association of the Philippines.

Tiongson previously held senior executive positions at the Philippine National Bank and the National Australia Bank. She was also involved in the drafting of key business laws such as the Financial Institutions Strategic Transfer Corp., the Financial Rehabilitation and Insolvency Act and the Revised Corporation Code and served as a committee member of the BSP Open Finance Technical Group.

She holds an accountancy degree from the Royal Melbourne Institute of Technology in Australia and completed Accounting for Bankers at the National Australia Bank with a perfect score, along with certification as a Kaplan and Norton Strategy Master.

With the appointment of Soriano and Tiongson, the PDIC said the four-member private sector representation on the PDIC board is now complete, joining directors John Mark Frondoso and Luis Rey Velasco.