The agreement, signed on 17 October 2025 at the BSP Head Office, aims to strengthen cooperation and streamline supervision of the country’s banking system.
This is the second amendment to the original 2005 agreement. The updated MOA seeks to enhance efficiency by reducing regulatory overlap, preventing work duplication, and improving data sharing.
It also aligns the agencies’ functions with their amended charters and supports a shift toward risk-based supervision.
A key part of the agreement is a clearer separation of duties.
Eli M. Remolona, Jr
“This new MoA strengthens our partnership by defining our division of labor more clearly,” said BSP Governor Eli M. Remolona, Jr.. “BSP focuses on credit, market, [and] operational risks. PDIC focuses on deposit-related risks”.
The revised MoA formalises detailed procedures for joint bank examinations, covering planning, report writing, and compliance monitoring.
PDIC President and CEO Roberto B. Tan stated the agreement reinforces depositor confidence.
Tan explained that the agreement provides depositors with renewed assurance, as it shows two financial regulators are working together seamlessly to protect their hard-earned savings and maintain public trust.
