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The Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) have signed a revised Memorandum of Agreement (MoA) to enhance coordination and streamline the supervision of the country’s banking system.
Signed on October 17, 2025, at the BSP Head Office, the updated MoA marks the second amendment to the original 2005 agreement. It aims to strengthen regulatory collaboration, minimize overlaps, eliminate duplication of work, and improve information sharing between the two agencies.
The revised agreement also aligns both institutions’ responsibilities with their amended charters and supports the transition toward a more risk-based supervisory approach—a key reform to ensure stability and efficiency in the Philippine financial sector.
A major highlight of the new MoA is the clearer delineation of roles between the two regulators.
“This new MoA strengthens our partnership by defining our division of labor more clearly,” said BSP Governor Eli M. Remolona, Jr. “The BSP will focus on credit, market, and operational risks, while the PDIC will concentrate on deposit-related risks.”
The agreement also formalizes joint examination procedures, including coordinated planning, report writing, and compliance monitoring, to ensure a more unified and efficient supervisory process.
PDIC President and CEO Roberto B. Tan emphasized that the enhanced cooperation will bolster public confidence in the banking system.
“This agreement provides renewed assurance to depositors that two key financial regulators are working seamlessly to safeguard their hard-earned savings and maintain trust in the financial system,” he said.
The strengthened partnership between BSP and PDIC underscores the Philippine government’s continued commitment to maintaining financial stability, depositor protection, and regulatory transparency in an evolving banking landscape.
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