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Pdic law

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PHILIPPINE DEPOSIT INSURANCE
CORPORATION or PDIC LAW (RA 10846)
PDIC – agency of Department of Finance; membership
of banks is mandatory; 5 members; covers only risk of
bank closure ordered by Monetary Board
o Deposit insurer
o Co-regulator of banks
o Receiver/liquidator of closed banks
Insured deposit – net of obligation of depositor
INSURABLE DEPOSITS
✓ Savings Deposit
✓ Special Savings
✓ Demand/Checking Account
✓ Negotiable Order of Withdrawal
✓ Certificate of Time Deposits
✓ Foreign Currency Deposit
NOT COVERED BY PDIC INSURANCE
× Investment product (bonds/security/trust)
× Unfunded/fictitious/fraudulent accounts
× From unsafe/unsound banking practices
× From unlawful activities
× Bank deposits in foreign bank or in foreign
branch of a domestic bank operating outside
Philippines
MAXIMUM INSURANCE COVERAGE
- P500,000 per depositor of closed bank
- P1M for those with single & joint account
REQUISITES FOR CLAIM OF INSURED DEPOSIT
WHEN: 2 yrs from PDIC’s takeover to file claims
WHEN PAID: 6 months from date of filing
WHO ARE REQUIRED TO FILE CLAIMS:
✓ Those with more than P100k balances
✓ Those with outstanding obligations with the
closed bank regardless of balances
✓ Those with no updated addresses
✓ Those under name of business entities
✓ Those not eligible for early payment
NOTES
>> Whether ‘and’, ‘or’, ‘and/or’ is used: joint account be
insured separately from single accounts
>> Divided equally unless diff sharing is stipulated
>> Joint account, of natural and juridical person, shall
be presumed belong solely to juridical entity
>> ‘Ana by Ben’ – Ana is the depositor
>> ‘Ana in trust for Ben’ – Ben is the depositor
>> ‘Ana for the account of Ben’ – Ben is depositor
>> Different banks: P500k per bank
>> Different branches: considered 1 bank
>> PDIC shall be legally subrogated to all rights of
depositor against closed bank to extent of payment

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PHILIPPINE DEPOSIT INSURANCE CORPORATION or PDIC LAW (RA 10846) PDIC – agency of Department of Finance; membership of banks is mandatory; 5 members; covers only risk of bank closure ordered by Monetary Board o Deposit insurer o Co-regulator of banks o Receiver/liquidator of closed banks Insured de ...
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