PDIC partners with OGCC for special legal services to boost depositor protection

THE Philippine Deposit Insurance Corp. (PDIC) has partnered with the Office of the Government Corporate Counsel (OGCC) as it looks to boost depositor protection.

PDIC and OGCC on Dec. 16 signed a memorandum of agreement (MoA) to strengthen their collaboration. Under the partnership, the OGCC will provide special legal services to PDIC.

“Under the MoA, the OGCC will assign a dedicated legal team to provide legal assistance and representation to the PDIC,” the state deposit insurer said in a statement.

“Its services will include, among others, the enforcement of the Corporation’s rights, representation in mediation and arbitration proceedings, advisory on regulatory compliance and major procurement projects, legal risks assessments, conduct of preliminary and formal investigations in administrative cases, and the preparation and filing of foreclosure petitions.”

PDIC President and Chief Executive Officer Roberto B. Tan and Government Corporate Counsel Solomon M. Hermosura both said that their partnership will help strengthen confidence in the Philippine banking system by ensuring the safety of the depositing public. — Aubrey Rose A. Inosante