MANILA — The Philippine Deposit Insurance Corporation (PDIC) has signed a bilateral cooperation agreement with the Deposit Protection Agency of the Kyrgyz Republic (DPAKR) to strengthen collaboration on deposit insurance and financial stability.

The memorandum of understanding (MOU) was signed by PDIC President and Chief Executive Officer Roberto B. Tan and DPAKR Executive Director Kadyrbek Bukuev on the sidelines of the 85th Executive Council meeting of the International Association of Deposit Insurers (IADI) in Sardinia, Italy on June 23.

“This partnership reflects our commitment to continuous learning, international cooperation, and the pursuit of excellence in deposit insurance. By sharing knowledge and experiences with our counterparts, we strengthen our capacity to respond to emerging challenges, adopt leading practices, and better fulfill our mandate of protecting depositors and supporting financial system stability,” Tan said.

Under the agreement, the two institutions will establish a framework for sustained cooperation through the exchange of expertise and experiences in areas related to deposit insurance systems and financial crisis preparedness.

The partnership covers technical and operational cooperation on deposit insurance, bank resolution, receivership and liquidation, risk management, premium assessment, funding arrangements, information technology for database administration, legal and administrative processes, and public awareness initiatives.

The agreement also provides for the exchange of perspectives on the implementation of international standards and guidance on deposit insurance, consistent with the mandates of both institutions.

As part of the partnership, the PDIC and DPAKR will conduct bilateral meetings on identified areas of expertise, facilitate exchanges during international conferences and senior-level visits, and cooperate on cross-border issues in accordance with their respective legal and regulatory frameworks.

The PDIC said the agreement reflects the growing importance of international cooperation among deposit insurers as financial systems become increasingly interconnected and is expected to enhance preparedness, encourage innovation, and strengthen confidence in the financial safety nets of both jurisdictions.

The state deposit insurer said it has also entered into similar cooperation agreements with counterpart institutions in Germany, Indonesia, Japan, Kazakhstan, Malaysia, Mongolia, Russia, South Korea, Thailand, the United Kingdom, the United States, and Vietnam as part of its efforts to align Philippine deposit insurance practices with global standards.