Manila, April 16 -- The Philippine Deposit Insurance Corporation (PDIC) and the Korea Deposit Insurance Corporation (KDIC) have further firmed up their cross-border relations through the signing of a memorandum of understanding (MOU) intended to sustain their insurance systems.

The two institution's partnership, which started in 2014 and renewed in 2019 and on March 25 this year, is aimed at institutionalizing continued cooperation and information-sharing on deposit insurance, receivership and liquidation, bank resolution, risk management, premium assessment for banks, sources and methods of funds, information technology for database administration, legal and administrative procedures, and public awareness issues.

The MOU was signed by ...