PHILIPPINE DEPOSIT INSURANCE CORPORATION LAW be divided into as many equal shares as there are
account holders, unless a different sharing is stipulated
- RA 3591 as amended by RA 7400, RA 9302 [2004], RA
in the document of deposit
9576 [2009], & RA 10846 [2016]
- Juridical person and natural person – maximum deposit
- To insure the deposits of the banks which are entitled to
shall be presumed to belong entirely to such juridical
the benefits of insurance
person or entity
- - provide deposit insurance coverage for the depositing
- Aggregate interest-subject to the maximum insured
public to help promote public confidence and stability
deposit of 500k
in the economy.
- Ensures prompt payment of insured deposits, exercises Filing of claims with PDIC
complementary supervision of banks, adopts
When should the depositor of a closed bank file his deposit
responsive resolution methods, and applies efficient
insurance claim with the PDIC
management of receivership and liquidation functions
- All banks are covered by PDIC. It is mandatory for banks - Within 2 years from the date of bank takeover.
to ensure their deposits with, and pay premium to the Otherwise, all rights of the depositor with respect to the
PDIC insured deposit shall no longer be honored. But he may
still make a claim against the assets of the closed bank.
PDIC’s Maximum Deposit insurance coverage
If deposit amount is less than 100k, PDIC sends the check to
- Previously up to P250k per depositor, doubled to 500k
by mail, in cooperation with the Philippine Postal Office.
Insured Deposit
1) Have no obligations with the closed bank, or have not
- The amount due to any bonafide depositor for legitimate acted as co-makers of these obligations, or are not
deposits in an insured bank as of the date of closure but spouses of the borrowers
not to exceed 500k. 2) Have complete mailing address found in the bank
- No owner/holder of any passbook, certificate of records or have updated their addresses through the
deposit, or other evidence of deposit shall be Mailing Address Update Form (MAUF) of PDIC before
recognized as a depositor entitled to the rights under the start of the onsite claims settlement operations
the PDIC charter unless the passbook, certificate of 3) Have not maintained the account under the name of
deposit or evidence of deposit is determined by the business entities
PDIC to be an authentic document or record of the
More than 100k – onsite Claims settlement Operations (CSO)
issuing bank.
period. Depositor who failed to file their claims during the onsite
- There shall be added together all deposits in the bank
CSO may do so personally or through mail by sending a duly
maintained in the same right and capacity for his/her
accomplished and notarized Claim Form
benefit either his/her name or in the name of the others
- Considered as 1 bank – if banks have many branches Requirement in Filing Claims
Note: PDIC covers only the risk of a bank closure order by the - Original Evidence of Deposits
Monetary Board. (e.g. because of insolvency) Thus, bank - Valid Original Photo-Bearing Identification Document
losses due to theft, fire, closure, by reasons of strike or with clear signature
existence of public disorder, revolution or civil war, are not - Birth Certificate, if below 18- valid ID of parents
covered by PDIC. - Notarized SPA for claimants who are not the signatories
in the bank records.
Rules on Join Accounts
- Shall be insured separately from any individually-owned
deposit account. The maximum insured deposit shall
