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Steering the Vision

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Steering the Vision STEERING THE VISION 2016 ANNUAL REPORT CONTENT1 Corporate Profile S 2 The Philippine Deposit Insurance System At a Glance 3 Transmittal Letters 6 Chairman’s Message 8 President’s Report 16 Corporate Operating Environment 20 Governance Framework 24 The PDIC Story 64 Financial Performance 68 Corporate Direction 72 Board of Directors 80 Executive Committee 81 Group Heads 84 Officers 88 Employees 90 Organizational Chart 91 Member-Banks 96 GRI Index COVER STORY The Philippine Eagle – with its keen vision, sharp focus, and swift action – is a fitting symbol of the commitment of the Philippine Deposit Insurance Corporation to serve its stakeholders by protecting the depositing public and promoting financial stability. The theme, “Steering the Vision”, embodies PDIC’s initiatives to propel the Corporation closer to its Vision of becoming a world-class organization in depositor protection. The road to achieving this Vision is clearly laid out by the revisited Mission statements that reflect PDIC’s refocused mandates of prompt payment of deposit insurance, expeditious liquidation of closed banks, and effective risk mitigation, as a result of the passage of the amendments to the PDIC Charter. Having the Philippine Eagle – the national bird of the Philippines – as the central image of the Annual Report 2016 signifies PDIC’s crucial role in nation-building, particularly in helping maintain public confidence in the stability of the banking system and nurturing a financially literate and responsible citizenry to help sustain development and inclusive growth. Photograph of the Philippine Eagle courtesy of Mr. Alain Pascua, Undersecretary for Administration, Department of Education. Other images of the Philippine Eagle by the photographer are available in “Haring Ibon - The Great Philippine Eagle”, the first of its kind coffee table book that focuses solely on the Philippines’ national bird. Undersecretary Pascua’s photographs of Philippine birds may also be viewed at https://web.facebook.com/ thegreatphilippineeagle/ and https://web.facebook.com/alainpascua.birdsinfocus/. MISSION We exist to promote and safeguard the interests of the depositing public by providing insurance coverage on CORPORATE PROFILE insured bank deposits to maintain faith and confidence in VISION the country’s banking system. We will be a world-class organization in depositor protection. We shall ensure • prompt settlement of deposit insurance claims; Our • expeditious liquidation of closed banks; and • effective mitigation of risks to the deposit insurance Customers system. Delighted by responsive and easily accesible services aligned with global standards. Empowered by information. As we carry out our purpose, we shall be guided by the values of integrity, professionalism, excellence, teamwork, PEOPLE and respect for all people. Mission-driven and highly competent. Serving with passion. Inspired by leaders who grow leaders. QUALITY POLICY STRATEGY We commit to deliver world-class service to the Mission-focused, creative and collaborative. Adaptive to depositing public. changing industry conditions. To achieve this, we shall: STRUCTURE AND Systems • Implement a quality management system aligned with Evolving with technology. Continually improving to optimize international standards; performance. • Provide adequate resources to maintain the quality management system; SHARED VAlues • Promote quality culture, good governance and employee A culture committed to serve, and to make a difference in empowerment at all levels of the organization; the lives of others. • Ensure employee competence; • Innovate and continuously improve services for the benefit of customers and other stakeholders; and • Establish programs to maintain continual improvement of services, systems and processes “Quality is our standard. Public service is our commitment.” CUSTOMER SERVICE PHILOSOPHY “Committed to Serve” 1 III. Insurance Risk Mitigation. To ensure financial safety and PHILIPPINE DEPOSIT INSURANCE SYSTEM soundness of banks, PDIC resolves problem banks through strengthening programs and other resolution measures. It also mitigates insurance risk through refocused bank examination to identify member-banks that pose risks AT A GLANCE to the DIF. Examination findings are used as basis for implementing enforcement actions. The Philippine Deposit Insurance Corporation (PDIC) is a MEMBERSHIP government instrumentality created on June 22, 1963 by Membership with PDIC is mandatory for all banks licensed by Republic Act 3591 entitled, An Act Establishing the Philippine the BSP to operate in the Philippines: Deposit Insurance Corporation (PDIC), Defining Its Powers and Duties and for Other Purposes. • Banks incorporated under Philippine laws, such as commercial banks, savings banks, mortgage banks, PUBLIC POLICY OBJECTIVES stock savings and loan associations, development banks, PDIC was established to promote and safeguard the cooperative banks, and rural banks interests of the depositing public by way of providing • Domestic branches of foreign banks insurance coverage on all insured deposits. PDIC also aims to strengthen the mandatory deposit insurance coverage system As of 31 December 2016, there are 602 member-banks of to generate, preserve, and maintain faith and confidence PDIC. These consist of 42 commercial banks which include in the country’s banking system, and protect it from illegal branches of foreign banks, 60 thrift banks (savings banks, schemes and machinations. mortgage banks, stock savings and loan associations, and development banks), and 500 rural banks (including MANDATES cooperative banks). Consistent with its public policy objectives, the PDIC has the following mandates: SCOPE OF DEPOSIT INSURANCE PROTECTION PDIC provides a maximum deposit insurance coverage of I. Deposit Insurance. PDIC provides a maximum deposit PHP500,000 per depositor per bank. It covers all types of insurance coverage of PHP500,000 per depositor per bank deposits in member-banks whether denominated in bank. To pay claims on insured deposits, PDIC builds local or foreign currencies. All deposit accounts of a depositor up the Deposit Insurance Fund (DIF) primarily through in a closed bank maintained in the same right and capacity assessments of member-banks at an annual flat rate of 1/5 shall be added together. A joint account shall be insured of 1% of their total deposit liabilities. separately from any individually-owned deposit account. II. Liquidation of Closed Banks. PDIC proceeds with the As of 31 December 2016, around 54 million accounts in 602 liquidation process upon order of the Monetary Board member-banks are covered by deposit insurance. Of the total of the Bangko Sentral ng Pilipinas (BSP). The assets of number of accounts, 96.4% are with balances not exceeding the closed bank are managed and eventually disposed the maximum deposit insurance coverage of PHP500,000 per to settle claims of creditors in accordance with the depositor per bank. For the same period, total deposits in the preference and concurrence of credits as provided by the Philippine banking system amounted to PHP10.5 trillion, of Civil Code of the Philippines. which 21.5% was covered by deposit insurance. 2 PHILIPPINE DEPOSIT INSURANCE CORPORATION September 4, 2017 PRESIDENT RODRIGO ROA DUTERTE Malacañan Palace, Manila Through: SECRETARY CARLOS G. DOMINGUEZ Department of Finance Chairman, PDIC Board of Directors Dear Mr. President, It is my honor to present the Annual Report of the Philippine Deposit Insurance Corporation (PDIC) for the year 2016. The Report highlights PDIC’s accomplishments in fulfilling its mandates of deposit insurance, insurance risk mitigation, and liquidation of closed banks. On behalf of the Board of Directors, management and staff, I affirm PDIC’s commitment to pursue good governance in the bureaucracy and to fulfill its public policy objectives of protecting the depositing public and promoting financial stability, Very truly yours, ROBERTO B. TAN President 3 PHILIPPINE DEPOSIT INSURANCE CORPORATION September 4, 2017 SENATOR AQUILINO L. PIMENTEL III President of the Philippine Senate CONGRESSMAN PANTALEON D. ALVAREZ Speaker of the House of Representatives Through: SECRETARY CARLOS G. DOMINGUEZ Department of Finance Chairman, PDIC Board of Directors Gentlemen: It is my honor to present the Annual Report of the Philippine Deposit Insurance Corporation (PDIC) for the year 2016. The Report highlights PDIC’s accomplishments in pursuit of its public policy objectives to protect the depositing public and help promote financial stability. On behalf of the PDIC Board of Directors, Management and staff, I thank the Senate and the House of Representatives for the unwavering support to PDIC in the performance of its mandates as deposit insurer, risk mitigator and liquidator of closed banks. Very truly yours, ROBERTO B. TAN President 4 PHILIPPINE DEPOSIT INSURANCE CORPORATION September 4, 2017 CHAIRMAN SAMUEL G. DAGPIN, JR. Governance Commission for Government-Owned or -Controlled Corporations (GCG) 3/F Citibank Centre, Citibank Plaza Paseo de Roxas cor. Villar St., Makati City Dear Chairman Dagpin: It is my honor to transmit the Annual Report of the Philippine Deposit Insurance Corporation (PDIC) for the year 2016 that presents PDIC’s accomplishments in accordance with its public policy objectives to protect the depositing public and help promote financial stability. On behalf of the PDIC Board of Directors, Management and staff, I assure the organization’s commitment to constantly pursue the highest principles
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