Practice question
Ana has P700,000 in eligible individual deposits in Bank A and P700,000 in Bank B, distinct insured banks. Assume no other accounts or adjustments. Applying the current ordinary limit, what is insured?
- Only P700,000 total nationwide
- Only P1 million total nationwide
- Neither balance
- Only the account opened first
- P700,000 at each bank
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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