Bangko Sentral ng Pilipinas (BSP) and Philippine Deposit Insurance Corporation (PDIC) officials signed the revised memorandum of agreement on bank examination in a ceremony on October 17 at the BSP head office.

The revised MOA will facilitate better coordination between the BSP and PDIC in conducting bank examinations.

“This new MOA strengthens our partnership by defining our division of labor more clearly. BSP focuses on credit, market, operational risks. PDIC focuses on deposit-related risks,” said BSP Governor Eli Remolona, Jr.

PDIC President and Chief Executive Officer Roberto Tan, emphasized, “For depositors, today’s agreement is a renewed assurance?your hard-earned savings are safeguarded by two financial regulators, working seamlessly together to uphold your trust.”

This is the second amendment to the original agreement which was signed in 2005. It aims to prevent duplication of efforts and establish a data-sharing framework to optimize the use of bank reports, information, and findings.

The revised MOA also aligns with the amended BSP and PDIC charters and supports the agencies’ existing onsite examination arrangements.

The amended agreement also identifies detailed joint examination-related activities. This includes planning and scheduling of joint bank examinations, pre-examination activities, conduct of joint examinations, report writing, issuance of directives, and monitoring of compliance with issued directives by the examined banks.

Additionally, the revised agreement strengthens information sharing between the BSP and the PDIC. Both agencies will have access to bank examination and other reports, information, and findings, subject to confidentiality provisions of relevant agreements, rules, and laws. Bangko Sentral ng Pilipinas