Starting June 1, 2009, the maximum deposit insurance coverage for bank deposits will be 500,000 pesos.
Info related to the deposit insurance:
- The increase will apply only to deposits in banks closed by the Monetary Board starting June 1, 2009.
- Splitting of a bank deposit account of more than 500,000 pesos within 120 days of a bank holiday or closure order is prohibited.
- Investment accounts are not insured, such as bonds, trust accounts and securities.
- Different types of accounts in the same bank, such as checking, savings, time or other types of deposit accounts, under the same depositor will be counted as one.
For example, if you have a checking account and a savings account in the same bank, the amounts of the two accounts will be added to determine the coverage, which will not exceed 500,000.
- Several accounts in the main branch and branches of the same bank under the same depositor will be counted as one.
For example, if you have deposit accounts in the main branch and a branch of the same bank, the two accounts will be added to determine the coverage, which will not exceed 500,000.
- Deposits in different banks are insured separately.
- The insurance premium is paid by banks, and not by depositors.
- If a depositor’s bank account exceeds 500,000, the depositor can claim the rest of the deposit amount from the liquidator of the bank if the bank has still assets remaining.
- The depositor of the failed bank must file his claim with the PDIC within 24 months.
Source: Philippine Deposit Insurance Corporation (PDIC)