PDIC

Question 1

Function of PDIC
- deposit insurer → premiums are paid by bank, but the insured is the depositor
- co-regulator of banks → together with BSP
- receiver and liquidator of closed banks → in contrast to FRIA

A bank closed because it was struck by fire. Is it covered in PDIC?

Answer 1

Yes

No → PDIC only covers closure ordered by monetary board

Question 2

Deposits not Entitled to Payment (SHA OU²I)

Answer 2

• Splitting of deposit → purpose must be to maximize PDIC coverage (Jr. has no beneficial ownership)
• by HO of a foreign bank → in its branch in PH
• AMLA → dirty money
• payable in a place Outside PH → e.g. foreign branch
• Unfunded and fictitious
• Unsafe and unsound banking practices
• Investment products → e.g. trust accounts

Question 3

The maximum amount for insured deposit is 500K. I have 4 accounts in BDO which is 10M in total. How much will I get from PDIC?

starting March 15, 2025 → 1M

Answer 3

500K (The rule is “per bank”)

Thus, if that 4 accounts is from 4 different banks, the amount that I will receive is 2M (500K x 4)

Question 4

Per Depositor, Per Capacity Rule
- Juan “by” Pedro
- Juan “ITF” Pedro
- Juan “FAO” Pedro

Who is the depositor?

Answer 4

• Juan
• Pedro
• Pedro

Question 5

The maximum amount for insured deposit is 500K. Juan may be insured up to 1M. True or False?

Answer 5

True
- 500K (for individual accounts : by, ITF, FAO)
- 500K (for joint accounts : and, or)

Question 6

If joint account (and/or), divide the amount by the # of persons
- What if the joint account is held by Juan and ABC corp?

Joint Account → “per account” rule

Answer 6

solely to ABC corp

Question 7

Period to File Claim
- within ? years from actual takeover of closed bank

Period to Enforce Claim
- within ? years after the period to file claim

Effect of Non filing or Non enforcement of Claim
- no rights against PDIC
- sa closed bank ka na maghahabol → liquidation

Answer 7

• 2 years
• 2 years

Question 8

Modes of Payment
- cash
- transferred deposit

Effect of Payment
- PDIC → subrogated to depositor against the bank (1st or 2nd priority)

Period for PDIC to Settle
- within ? from filing of claim (XPN : requires resolution of facts)

Answer 8

6 months