More on insurance aside from insured deposit: Matters Involving Enforceability of Insurance Policies Philippine Deposit Insurance Corporation has the duty to grant or deny claims for deposit insurance Deposits are insured up to Five Hundred Thousand Pesos (Php 500,000) In determining such amount, all deposits are added together Maximum deposit insurance coverage refers to the Read more about ON INSURED DEPOSITS[…]

After learning WHO IS ENTITLED TO THE INSURED DEPOSIT, read also: PAYMENT OF INSURED DEPOSITS The registered owner/holder of a deposit is entitled to deposit insurance In case of deposit splitting, the transferor is generally recognized as the one entitled to deposit insurance A transferee may be entitled to deposit insurance May a transferee file Read more about WHO IS ENTITLED TO THE INSURED DEPOSIT?[…]

More on insured deposit aside from payment: ON INSURED DEPOSITS A bank may be ordered closed by the Bangko Sentral ng Pilipinas Upon closure or expiration or revocation of a bank’s corporate term, payment of insured deposits shall be made as soon as possible by the Philippine Deposit Insurance Corporation (PDIC) PDIC may require proof Read more about PAYMENT OF INSURED DEPOSITS[…]

Upon learning the type of deposits, read also: WHO IS ENTITLED TO THE INSURED DEPOSIT? Deposits maintained in branches of foreign banks operating in the Philippines are insured by the Philippine Deposit Insurance Coverage (PDIC) Deposits outside the country may be insured with the PDIC Foreign currency deposits are insurable by PDIC Managing your deposits Read more about WHAT TYPE OF DEPOSITS ARE INSURED BY PDIC?[…]

After reading this article about CLAIM FOR INSURED DEPOSIT, read also: EXCLUSIONS FROM DEPOSIT INSURANCE COVERAGE Insured deposits are to be paid when an insured bank has been closed Depositors with deposit accounts with balances of Php 100,000 and below may not be required to file claims The requirement to file claim on the insured Read more about FILING OF CLAIM FOR INSURED DEPOSIT[…]

Aside from deposit splitting, read more on deposits: ON INSURED DEPOSITS Splitting of deposits occurs whenever a deposit account is broken down and transferred into two or more accounts In deposit splitting, there is a presumption that the transferees have no beneficial ownership The grant of deposit insurance to an account found to have originated Read more about ON DEPOSIT SPLITTING[…]

After reading “What is the Philippine Deposit Insurance Corporation and what are its functions?”, read also “What is the power of the corporation to increase or decrease capital stock or incur, create, increase bonded indebtedness?” The Philippine Deposit Insurance Corporation (PDIC) is a government instrumentality created by virtue of Republic Act No. 3591. The PDIC Read more about WHAT IS THE PHILIPPINE DEPOSIT INSURANCE CORPORATION AND WHAT ARE ITS FUNCTIONS?[…]

Aside from insurance coverage, read also: WHO IS ENTITLED TO THE INSURED DEPOSIT? Unfunded, fictitious or fraudulent deposit accounts are not covered by deposit insurance Deposit products constituting or emanating from unsafe and unsound banking practices are not covered by deposit insurance Trust accounts are also not covered by deposit insurance Money is numbers and Read more about EXCLUSIONS FROM DEPOSIT INSURANCE COVERAGE[…]

The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business. The articles are for general information and educational purposes only, and not offered and do not constitute legal advice or legal opinion; where the facts and circumstances warrant. WHEN CAN Read more about Business Law and Labor Law Updates[…]