Photo credit: BSP

The country’s top financial regulators are joining forces once again to strengthen oversight of the banking system.

Officials from the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC) signed a revised Memorandum of Agreement (MOA) on bank examinations in a ceremony held at the BSP Head Office in Manila.

The updated agreement aims to sharpen coordination between the two agencies, streamlining how they examine banks and share information to ensure the safety and soundness of the financial system.

“This new MOA strengthens our partnership by defining our division of labor more clearly. BSP focuses on credit, market, operational risks. PDIC focuses on deposit-related risks,” said BSP Governor Eli M. Remolona, Jr.

PDIC President and CEO Roberto B. Tan added that the agreement reinforces public confidence in the banking sector. “For depositors, today’s agreement is a renewed assurance—your hard-earned savings are safeguarded by two financial regulators, working seamlessly together to uphold your trust,” he said.

A Stronger Framework for Bank Examinations

The revised MOA marks the second amendment to the original agreement signed back in 2005. It updates protocols to prevent duplication of efforts, enhance data sharing, and make the examination process more efficient.

Under the new framework, BSP and PDIC will jointly plan and schedule bank examinations, coordinate pre-exam activities, and share findings in a more systematic way. The agreement also covers the writing of examination reports, issuance of directives, and monitoring of banks’ compliance with regulatory requirements.

By clarifying roles and improving coordination, both agencies aim to make supervision more effective while minimizing overlaps in their respective mandates.

Protecting Depositors and Strengthening Trust

Beyond operational improvements, the revised MOA strengthens information-sharing mechanisms between the BSP and PDIC. Both institutions will have controlled access to bank examination reports, findings, and related data — all subject to confidentiality rules and existing laws.

The move comes at a time when regulators worldwide are ramping up efforts to ensure transparency, financial stability, and depositor protection amid evolving banking risks.

For Filipino depositors, it’s another layer of reassurance that their money is being safeguarded by institutions working hand in hand.

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