MANILA – The Philippine Deposit Insurance Corporation (PDIC) is strengthening banks’ corporate governance, risk management and internal control practices to promote safe and sound deposit operations and bolster public confidence in the banking system.

The PDIC recently conducted the second run of its PDIC K.E.Y. (“Knowledge Foundations,” “Enhanced Governance,” and “Your Compliance Compass”) Training Programs for Banks on Deposit Operations, a virtual capability-building initiative for bank personnel.

The latest session, Program E: “Enhanced Governance for Effective Deposit Operations,” drew 75 participants from 20 banks, mostly members of the Bankers Association of Laoag City and Ilocos Norte, La Union Chamber of Rural Banks, Baguio Benguet Bankers Association, Tacloban Bankers Association, Caraga Rural Bankers Federation and Oro Bankers Club.

The program provided participants with knowledge and practical guidance on good corporate governance, risk management and internal controls relevant to deposit operations.

The PDIC said the K.E.Y. program seeks to strengthen the Philippine banking system by promoting a culture of safe and sound practices among bank personnel and helping build a resilient financial system where depositors can have greater confidence in the security of their savings.

In his remarks during the virtual training, PDIC President and CEO Roberto B. Tan reaffirmed the agency’s commitment to strengthening the resilience of the banking industry.

“The PDIC remains a responsive partner in advancing prudential standards and strengthening deposit operations across the banking sector,” Tan said.

The training also provided participants with a deeper understanding of the PDIC’s mandates as deposit insurer, bank co-regulator and receiver of closed banks.

It likewise discussed the basis for the adjustment of the maximum deposit insurance coverage (MDIC) to P1 million per depositor, per bank.

The PDIC said continued capability-building among banks is part of its efforts to promote sound deposit operations and safeguard the interests of depositors.