Practice question
In a bank closing in 2026, two natural persons hold a legitimate PHP1 million joint account. Authentic deposit documents stipulate shares of 70% and 30%. Ignoring all other accounts and adjustments, how is insured coverage allocated?
- PHP500,000 each despite the stipulation.
- PHP1 million each regardless of balance.
- PHP1 million solely to the older person.
- PHP700,000 and PHP300,000 according to the documented sharing.
- No coverage because unequal sharing is prohibited.
Legal references
- RA 11840, Section 4 amending PDIC Charter Section 5(k): https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/95626
- PDIC official 2025 guidance, PHP1 million coverage effective March 15, 2025: https://www.pdic.gov.ph/files/ccd/PR-038-25%20New%20maximum%20deposit%20insurance%20coverage%20of%20P1%20Million%20takes%20effect%20on%20March%2015.pdf
- PDIC, Understanding Deposit Insurance brochure: https://www.pdic.gov.ph/files/Understanding%20Deposit%20Insurance%20Brochure.pdf
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