PDIC board welcomes new private sector directors

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr, also Chairperson of the Philippine Deposit Insurance Corporation (PDIC), administers the oaths of office of Mr. John Mark Frondoso (left) and Dr. Luis Rey Velasco (right), who were appointed as new Directors of the PDIC representing the private sector and to serve at the PDIC Board until November 16, 2028. Directors Frondoso and Velasco took their oath of office at the PDIC Chino Building in Makati City on April 16, 2024.

The Philippine Deposit Insurance Corporation (PDIC) has fortified its leadership by inducting Mr. John Mark Frondoso and Dr. Luis Rey Velasco as independent directors from the private sector.

The oath of office was administered by PDIC Chairperson and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. in a ceremony at the PDIC Chino Building in Makati City on April 16, 2024. Both directors will serve on the PDIC Board until November 16, 2028.

As the institution tasked with ensuring the stability and confidence in the Philippine banking system, the PDIC’s seven-member board plays a critical role in maintaining the integrity of deposit insurance.

The board is composed of the BSP Governor as Chairperson, the Finance Secretary as Vice Chairperson, the PDIC President and CEO, and four independent directors.

Directors Frondoso and Velasco’s extensive expertise in investment banking, digital finance, agriculture innovation, and rural development is set to bolster the PDIC’s initiatives towards promoting financial stability and inclusion.

Their independence is key to the impartial development of policies that secure the deposit insurance system and support sustainable economic growth.

Governor Remolona underlined the importance of their appointments, saying, “Their roles are vital in ensuring impartiality to policies governing deposit insurance and promoting the integrity and soundness of the country’s deposit insurance system.”

Director Frondoso, President of FSG Capital Inc., comes with a significant track record in financial advisory and investments. His portfolio includes successful ventures in digital payments and extended warranty services. His previous roles with Morgan Stanley, Barclays Capital, and Salomon Smith Barney/Citigroup, coupled with his philanthropic work and international relations as Honorary Consul for the Czech Republic, add to the PDIC’s strategic capacity.

Director Velasco’s impressive career spans over three decades in the agricultural sector, academia, and public service. His contributions as a former Chancellor of the University of the Philippines Los Banos and his current roles with various agricultural and energy organizations position him as a pioneer in rural development and science administration.

With the PDIC committed to ensuring depositor protection and financial literacy, the addition of Directors Frondoso and Velasco promises to reinforce the Corporation’s mission and enhance the Philippines’ position as a stable and inclusive financial marketplace.