the Governance Commission for Government-Owned or Government-Controlled Companies (GCG) recently recognized the Philippine Deposit Insurance Corporation (PDIC) as one of the top bureaucracy GOCCs with an “outstanding” rating in the Corporate Governance Scorecard (CGS) implemented by GGC for 2020.
The annual assessment through the CGS aims to determine the corporate governance performance of the GOCCs and to help recognize their strengths and weaknesses in relation to existing corporate governance arrangements. It also identifies the extent to which these GOCCs adhere to international best practices and standards.
“Being recognized as one of the Outstanding Governance GOCCs for 2020 is not only a great achievement, but is made more meaningful due to the severe economic and operational challenges that the PDIC had to overcome in the first year. of the pandemic. With this, PDIC remains on track to achieve its vision of becoming a leading institution in governance by 2023,” said PDIC President and CEO Roberto B. Tan.
The PDIC has leveraged technology to innovate in key areas of its operations to better serve its clients during the pandemic, introducing online filing of deposit insurance claims and electronic public tenders to dispose assets of companies and closed banks, among others. The PDIC has also implemented programs such as a disaster assistance program for savings, rural and cooperative banks; and payment relief measures for tenants, borrowers and property buyers from closed banks to help customers cope with the effects of the health crisis.
Along with PDIC, Bases Conversion Development Authority, Cebu Port Authority, Clark Development Corporation, Credit Information Corporation, Development Bank of the Philippines, Government Service Insurance System, National Electrification Administration, National Power Corporation, Philippine Crop Insurance Corporation and Small Business Corporation also received an outstanding corporate governance rating by the GCG.
The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain the stability of the financial system by providing deposit insurance. As of June 1, 2009, the maximum deposit insurance coverage is 500,000 pesos per depositor. All deposit accounts of a depositor in a closed bank held in the same right and capacity are added together. A joint account must be insured separately from any individual deposit account.
PDIC news/press releases and other information are available on the website, www.pdic.gov.ph.