Finance Secretary and PDIC Chairman Cesar V. Purisima was presented the “Deposit Insurance Organization (DIO) of the Year” award by PDIC President Valentin A. Araneta in simple ceremonies held on December 10, 2013. Purisima congratulated the entire PDIC workforce for the international recognition. He also commended the PDIC for living up to President Benigno S. Aquino III’s advocacy for good governance in Philippine institutions. He urged the PDIC to sustain and continually improve its operations in the performance of its multi-faceted role as Deposit Insurer, Co-regulator of banks, and Receiver and Liquidator of closed banks.

The PDIC was named DIO of the Year 2013 by the International Association of Deposit Insurers (IADI) in recognition of its significant achievements in bank resolutions and payouts, compliance to the IADI Core Principles, international participation; and improvements in the deposit insurance system. IADI is an organization of 71-member deposit insurance organizations based in Basel, Switzerland

The DIO of the Year Award highlights the celebration of PDIC’s 50 th anniversary year.

The PDIC continuously implements efforts to comply with the IADI Core Principles for Effective Deposit Insurance Systems and other international best practices.

The IADI was established in May 2002 with PDIC as one of its founding members. In 2005, the IADI began conferring the DIO Award to a member in celebration of an important achievement and/or recognition of the contributions that the Member has made to furtherance of IADI’s goals. The first organization to receive the award was the Central Deposit Insurance Corporation of Taiwan.

The other awardees of the DIO Award are the Korea Deposit Insurance Corporation (2012), Malaysia Deposit Insurance Corporation (2011), Deposit Insurance Corporation of Japan (2010), Savings Deposit Insurance Fund of Turkey (2009), U.S. Federal Deposit Insurance Corporation (2008), Brazil’s Fundo Garantidor de Créditos (2007) and the Canada Deposit Insurance Corporation (2006).