Practice question
A depositor has interests in three joint accounts at one bank, each with a different co-owner, and an individual account. Explain how the statutory definition prevents multiplication of joint insurance by changing partners while preserving the distinct individual category.
Legal references
- RA 11840, Sections 4 and 11, amended PDIC Charter Sections 5 and 13: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
- PDIC official notice: maximum deposit insurance coverage increased to P1 million per depositor per bank effective March 15, 2025: https://www.pdic.gov.ph/files/ccd/Notice%20to%20the%20Public%20on%20the%20New%20MDIC.pdf
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