Released on: December 8, 2007, 5:18 am

Press Release Author: Korea, Business Wire

Industry: Financial

Press Release Summary: The Securities Investor Protection Corporation (SIPC) and the
Philippine Deposit Insurance Corporation (PDIC) have entered into a memorandum of
understanding (MOU) covering cross-border cases involving brokerage firm
insolvencies, broker mis-conduct and liquidations in which the customers are
protected by SIPC and/or PDIC.

Press Release Body: WASHINGTON, D.C., October 29, 2007 - The Securities Investor
Protection Corporation (SIPC) and the Philippine Deposit Insurance Corporation
(PDIC) have entered into a memorandum of understanding (MOU) covering cross-border
cases involving brokerage firm insolvencies, broker mis-conduct and liquidations in
which the customers are protected by SIPC and/or PDIC.

In the U.S., the Securities Investor Protection Corporation (SIPC) maintains a
special reserve fund authorized by Congress to help investors at failed brokerage
firms.

The new SIPC-PIDC MOU covers "the exchange of information on a regular basis
regarding the nature, role and experience" of the two entities and "cooperation when
dealing with claims for compensation that involve cross-border issues of member
firms."

SIPC President Stephen Harbeck said: "SIPC and PDIC recognize the potential for
cross-border insolvencies of member firms and the prospect of cross border claims
from investors. The parties accept the responsibility of cooperating with each other
to ensure that investors receive compensation promptly."



Web Site: http://www.hastingsgroup.com

Contact Details: CONTACT: Ailis Aaron Wolf,

for SIPC, +1 (703) 276-3265, or

aaaron@hastingsgroup.com.