Roberto B. Tan, President and CEO of the Philippine Deposit Insurance Corporation (PDIC), has been elected as a member of the Executive Council of the International Association of Deposit Insurers (IADI) during its 23rd Annual General Meeting in Tokyo, Japan, held on November 15, 2024.
This recognition marks a significant milestone for the Philippines in the field of deposit insurance, highlighting PDIC’s growing influence on the global stage.
Founded in May 2002 and headquartered in Basel, Switzerland, IADI is a non-profit organization that sets international standards for deposit insurance systems. The association serves as the primary platform for deposit insurers worldwide to exchange knowledge and expertise.
IADI’s mission includes promoting international cooperation, providing training and technical assistance, and producing research to enhance the effectiveness of deposit insurance systems. The organization currently has 99 members and 11 associate members, including entities that play vital roles in financial safety nets.
The Executive Council, IADI’s policymaking body, is supported by five Council Committees and regional committees representing various parts of the globe, including Africa, Asia-Pacific, the Caribbean, Eurasia, Europe, Latin America, the Middle East, North Africa, and North America.
Strengthening PDIC’s Global Cooperation
President Tan emphasized the importance of the PDIC’s representation on the IADI Executive Council, noting its impact on advancing mutual cooperation among global deposit insurers.
“The representation of the PDIC in the 25-member IADI Executive Council will considerably advance our efforts to strengthen mutual cooperation and assistance among our deposit insurance peers globally,” said Tan. “This is also timely as we propose reforms to the Philippine deposit insurance system through legislation.”
He also credited IADI for providing valuable resources and expertise that have enhanced the PDIC’s operational efficiency.
“Our institutional partnership with IADI has greatly provided resources and contributed to enhancing PDIC’s operational efficiency to ensure that our processes adhere to the Core Principles for Effective Deposit Insurance Systems formulated by IADI,” he added.
A History of Global Contribution
Before being elected to the Executive Council, Tan served as IADI Treasurer for six years, underscoring his longstanding commitment to the organization and its mission. His new role places the Philippines at the forefront of international policymaking in deposit insurance.
IADI is currently led by Alejandro López, its President and Executive Council Chairperson, who also serves as CEO of Seguro de Depósitos Sociedad Anónima (SEDESA) in Argentina. Tan’s election further bolsters the diversity and depth of expertise in the council’s leadership.
Advancing Deposit Insurance in the Philippines
President Tan’s appointment comes at a critical time as the PDIC pushes for reforms to modernize the Philippine deposit insurance system through legislative action. These reforms aim to align the country’s practices with IADI’s global standards and ensure greater financial stability for depositors.
By joining IADI’s Executive Council, Tan aims to bring international best practices to the Philippines while sharing the nation’s experiences with global peers.
A Step Forward for the Philippines
The election of President Tan to IADI’s Executive Council solidifies the Philippines’ position as a leader in financial safety net practices. His role is expected to foster stronger international collaboration and enhance the credibility of the PDIC as a key player in the global deposit insurance community.
This milestone not only underscores the expertise of the PDIC but also reinforces the Philippines’ commitment to upholding financial stability and depositor protection in a rapidly evolving global financial landscape.
