Practice question
Two persons maintain a genuine PHP1 million joint deposit with valid bank documents giving them 80% and 20% shares. The bank closes in 2026. They have no other relevant accounts or adjustments. The first claims the account wording or gives both full PHP1 million insurance. Resolve.
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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