Practice question
For a bank closing after March 15, 2025, verified records show three ordinary individual accounts in unrelated nominees' names are maintained in the same right and capacity for one beneficial owner's benefit. All are legitimate deposits, with no separate true ownership or other coverage category. Their total is PHP3 million. The nominees seek PHP1 million each solely because three names appear. Which answer is best?
- Three names conclusively require PHP3 million insurance.
- Every nominee has unlimited separate coverage.
- PDIC must ignore the verified beneficial ownership.
- The deposits must be assessed together for that beneficial owner's applicable per-bank coverage; names alone do not multiply the PHP1 million maximum.
- The entire deposit is necessarily confiscated without any separate legal basis.
Legal references
- PDIC Charter, as amended through RA 11840, current consolidated text, deposit-splitting provision, https://www.pdic.gov.ph/files/PDIC%20Charter%202022.pdf
- PDIC Regulatory Issuance 2009-003, Parts III–V, https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/10/50378
- Linsangan v. PDIC, G.R. No. 228807, 11 February 2019, https://lawphil.net/judjuris/juri2019/feb2019/gr_228807_2019.html
- PDIC, maximum coverage increase effective 15 March 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
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