Practice question
An insured bank closes in April 2026. A claimant relies on the P500,000 number printed in RA 11840 and says PDIC could not raise it without another statute. Explain the current maximum and the legal source of adjustment authority.
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
Answer this question in flashcards to review your response and continue practicing.