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PDIC President Presents in Regional Forum

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President Jose C. Nograles has presented the Research Paper on “Multilateral Cooperation in Consumer Protection and Public Awareness”  at the 6th International Association of Deposit Insurers – Asia Regional Committee Meeting and Conference held in Bali, Indonesia from March 28 – 29, 2008.

The paper is the result of a collaborative research study of the ARC Sub-committee on Research chaired by President Nograles. It involved the Malaysia Deposit Insurance Corporation (MDIC), Central Deposit Insurance Corporation Taiwan and the PDIC.

Mr. Nograles said that the continuously evolving financial sector called for more collaborative efforts among deposit insurance agencies and other safety net players in order to more effectively provide consumer protection through public awareness campaigns. He expressed optimism that collaborative efforts will continue to be undertaken as they are cost effective activities that result in numerous synergies.

Among the PDIC projects cited in the study were the Financial Literacy project for students and participation in the BSP’s Financial Literacy Campaign for Overseas Filipinos as a member of the Financial Sector Forum.

Other speakers at the session on “Public Awareness” were Mr. JP Sabourin, President of the MDIC and former IADI Chairman, Mr. Thomas Rose of the World Bank, Mr. James R. Hambric of Bearing Point, Inc. and Mr. David Walker of Canada Deposit Insurance Corporation (CDIC).

During the open forum, Mr. Linh Nam Nguyen of the Deposit Insurance of Vietnam, lauded PDIC’s Financial Literacy Project for students as a good example of a collaborative project worthy of emulation.

Another ARC collaborative project namely, the one on Small Banks, was presented by Mr. Prasad of the Deposit Insurance Guarantee Corporation of India, during the session on “Deposit Insurance and Small Banks”. It was participated in by CDIC (Taiwan) and Korea Deposit Insurance Corporation (KDIC). The KDIC experience with small banks involved an innovative means of improving their performance by way of the engagement of external management consultants.

There was also a presentation on “The Law of IDIC” by Mr. Firdaus Djaelani, Acting Chief Executive Officer of Indonesia Deposit Insurance Corporation (IDIC).

The 6th ARC Meeting and Conference, with the theme,“Deposit Insurance as a Cornerstone for Financial Stability”, was hosted by the IDIC.

It brought together senior officials of deposit insurance agencies in the region as well as from other IADI members such as the Federal Deposit Insurance Corporation, CDIC (Canada) and multilateral organizations.

In 2006, the PDIC co-hosted with the Asian Development Bank the 4th ARC Meeting and International Seminar in Manila.

The other members of the PDIC delegation to the 6th ARC were FVPs Ma. Antonette B. Bolivar, and Elizabeth E. Oller and VP Maria Leonida Fres-Felix. Earlier in February, PJCN also participated as a commentator in the Deposit Insurance Corporation of Japan 3rd Roundtable Discussion. He presented about the Asset Management program of the PDIC.

 
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