Practice question
A claimant presents a certificate that appears to state a large deposit. PDIC establishes through lawful determination that the record is fictitious and no legitimate deposit exists. The claimant says the printed title alone compels insurance. Which is sound?
- Every paper labeled certificate is conclusive.
- The definition requires legitimate deposits and authentic records; the title alone does not establish entitlement.
- The bank's logo automatically supplies missing funds.
- All investment losses are thereby government debts.
- A fictitious account receives higher coverage.
Legal references
- PDIC Charter as amended by RA11840, Sections5 and12–16: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
- PDIC official Q&A on new MDIC, effective March15 2025: https://www.pdic.gov.ph/files/ccd/Q%26A%20on%20the%20New%20MDIC.pdf
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