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2019 ANNUAL REPORT Pad@Pdic.Gov.Ph PHILIPPINE DEPOSIT INSURANCE CORPORATION TAKING THE HELM, Philippine Deposit Insurance Corporation SSS Bldg., 6782 Ayala Ave. cor. V.A. Rufino St. ONWARD TO A NEW HORIZON 1226 Makati City, Philippines 2019 ANNUAL REPORT www.pdic.gov.ph [email protected] 1 PHILIPPINE DEPOSIT INSURANCE CORPORATION TAKING THE HELM, Philippine Deposit Insurance Corporation SSS Bldg., 6782 Ayala Ave, cor. V.A. Rufino St. ONWARD TO A NEW HORIZON 1226 Makati City, Philippines 2019 ANNUAL REPORT www.pdic.gov.ph [email protected] CONTENTS 01 Corporate Profile 02 The Philippine Deposit Insurance System 03 Transmittal Letters 06 Chairman’s Message ABOUT THE COVER 08 President’s Report Titled “Taking the Helm, Onward to a New Horizon”, the 2019 15 Corporate Operating Environment Annual Report wraps up another trilogy of PDIC annual reports, from “Changing Horizons” in 2017 and “A New Horizon” in 18 Institutional Governance Framework 2018. The horizon, represented by the ever-evolving financial 22 Strengthening Depositor Protection landscape that PDIC navigates, is full of challenges, and the Corporation continues to face it head on. The PDIC is undeterred 36 Ensuring Good Governance by the currents and is committed to create ripples of positive 50 Promoting Financial Stability change in the service of its clients and stakeholders. 68 Financial Performance The organization’s readiness and earnest desire to serve 74 Corporate Direction for 2020 is communicated through this year’s cover design -- young professionals take determined strides towards the rising sun, 78 Board of Directors embodying confidence that the PDIC is in the right direction to 86 Executive Committee accomplish its Vision to be a leading institution in depositor 87 Group Heads protection recognized for its operational excellence that is responsive to the changing times. 90 Officers 94 Employees To reflect that the protection the PDIC provides through deposit insurance encompasses all depositors, the setting presents a 96 Organizational Chart backdrop of both the rural and urban landscapes. This embodies 97 List of Banks the range of the clients and stakeholders the PDIC serves – from the commonfolk to the sophisticated and financially savvy 102 GRI Content Index depositors. More than just a theme, “Taking the Helm, Onward to a New Horizon” is both a pledge and a prelude to an even stronger and more responsive deposit insurance system for the country. 2 PHILIPPINE DEPOSIT INSURANCE CORPORATION VISION QUALITY POLICY By 2023, PDIC will be a leading institution in depositor We commit to deliver world-class service to the depositing public1. protection, recognized for its operational excellence that is responsive to changing times. To achieve this, we shall: • Implement a quality management system aligned with international standards; • Satisfy all applicable requirements relevant to the business; • Provide adequate resources to maintain the quality management system; MISSION • Promote quality culture, good governance and employee empowerment at all levels of the organization; We protect the depositing public while promoting • Ensure employee competence; confidence and stability in the banking system. • Innovate and continuously improve services for the benefit of customers and other stakeholders; and • Establish programs to maintain continual improvement of services, systems and CORE VALUES processes. “Quality is our standard. Public service is our commitment.” Teamwork, Respect for All, Integrity, Professionalism, Love of Country, Excellence CORPORATE TAGLINE INSURANCE STATEMENT Deposits are insured by PDIC up to P500,000 per depositor 1 As of year-end 2019. 1 PHILIPPINE DEPOSIT INSURANCE CORPORATION THE PHILIPPINE DEPOSIT INSURANCE SYSTEM AT A GLANCE The Philippine Deposit Insurance Corporation (PDIC) is a government MEMBERSHIP instrumentality created on 22 June 1963 by Republic Act 3591 entitled, An Act Establishing the Philippine Deposit Insurance Corporation, Defining Its Membership with the PDIC is mandatory for all banks licensed by the BSP to Powers and Duties and for Other Purposes. operate in the Philippines: • Banks incorporated under Philippine laws, such as commercial banks, PUBLIC POLICY OBJECTIVES savings banks, mortgage banks, stock savings and loan associations, development banks, cooperative banks, and rural banks The PDIC was established to promote and safeguard the interests of the • Domestic branches of foreign banks depositing public by way of providing insurance coverage on all insured deposits. The PDIC also aims to strengthen the mandatory deposit As of 31 December 2019, there are 547 banks in the Philippine banking insurance coverage system to generate, preserve, and maintain faith and system. These consist of 46 commercial banks (including universal banks confidence in the country’s banking system, and protect it from illegal and branches of foreign banks), 50 thrift banks (savings banks, mortgage schemes and machinations. banks, stock savings and loan associations, and development banks), and 451 rural banks (including cooperative banks). MANDATES SCOPE OF DEPOSIT INSURANCE PROTECTION Consistent with its public policy objectives, the PDIC has the following core mandates: The PDIC provides a maximum deposit insurance coverage of P500,000 per depositor per bank. It covers all types of bank deposits in banks whether I. Deposit Insurance. The PDIC provides a maximum deposit denominated in local or foreign currencies. For insurance purposes, all deposit insurance coverage of P500,000 per depositor per bank. To accounts of a depositor in a closed bank maintained in the same right and pay claims on insured deposits, the PDIC builds up the Deposit capacity shall be added together. Joint accounts shall be insured separately Insurance Fund (DIF) primarily through assessments of banks at from any individually-owned deposit accounts. an annual flat rate of 1/5 of 1% of their total deposit liabilities. As of 31 December 2019, 73.7 million accounts in 547 banks are covered by II. Receivership of Closed Banks. The PDIC proceeds with the deposit insurance. Of the total number of accounts, 96.6% are with balances liquidation process upon order of the Monetary Board of the Bangko not exceeding the maximum deposit insurance coverage of P500,000 per Sentral ng Pilipinas (BSP). The assets of the closed bank are depositor per bank. For the same period, total deposits in the Philippine managed and eventually disposed of to settle claims of creditors banking system amounted to P13.6 trillion, of which 20.9% is covered by in accordance with the Rules on Concurrence and Preference of deposit insurance. Credits under the Civil Code of the Philippines. 2 PHILIPPINE DEPOSIT INSURANCE CORPORATION 20 November 2020 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 2019. The Report highlights the PDIC’s accomplishments and service in line with its public policy objectices to protect the depositing public and help promote financial stability. On behalf of the Board of Directors, Management and staff, I affirm the PDIC’s commitment to uphold exemplary public service through depositor protection, good governance and financial stability. Very truly yours, ROBERTO B. TAN President and CEO 3 PHILIPPINE DEPOSIT INSURANCE CORPORATION 20 November 2020 SENATOR VICENTE C. SOTTO III President of the Philippine Senate REPRESENTATIVE LORD ALLAN JAY Q. VELASCO Speaker of the House of Representatives Through: SECRETARY CARLOS G. DOMINGUEZ Department of Finance Chairman, PDIC Board of Directors Dear Senate President Sotto and House Speaker Velasco: It is my honor to present the Annual Report of the Philippine Deposit Insurance Corporation (PDIC) for the year 2019. The Report highlights the PDIC’s accomplishments in line 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 thank the Senate and the House of Representatives for their unwavering support for the PDIC as deposit insurer and receiver of closed banks. Very truly yours, ROBERTO B. TAN President and CEO 4 PHILIPPINE DEPOSIT INSURANCE CORPORATION 20 November 2020 CHAIRMAN SAMUEL G. DAGPIN, JR. Governance Commission for Government-Owned or Controlled Corporations (GCG) 3/F Citibank Centre, Citibank Plaza Paseo de Roxas Avenue, Makati City Dear Chairman Dagpin: It is my honor to transmit the Annual Report of the Philippine Deposit Insurance Corporation (PDIC) for the year 2019 that chronicles the PDIC’s accomplishments in line with its public policy objectives of protecting the depositing public and helping promote financial stability. On behalf of the PDIC Board of Directors, Management and staff, I affirm our commitment to continuously uphold the highest standards of good corporate governance in our public service delivery. Very truly yours, ROBERTO B. TAN President and CEO 5 PHILIPPINE DEPOSIT INSURANCE CORPORATION CHAIRMAN'S MESSAGE Consistently rated as one of the best-run proliferation of unfamiliar risks to the deposit government institutions by the Governance insurance system. I encourage the PDIC to Commission for GOCCs (GCG), the Philippine further improve its cybersecurity system to Deposit Insurance Corporation (PDIC) better protect its clients. had not rested on its laurels. In 2019, the corporation
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