Philippine Deposit Insurance Corporation Act

Question 1

What is the Republic Act of PDIC?

Answer 1

3591

Question 2

What is the three PDIC Functions?

Answer 2

1. Deposit Insurer
2. Co-regulator of banks
3. Receiver and liquidator of closed banks

Question 3

the PDIC shall promote and safeguard the interests of the
depositing public by way of providing permanent and continuing insurance coverage
on all insured deposits.

Answer 3

Deposit Insurer

Question 4

as a bank regulator, the PDIC is empowered to examine
and investigate banks.

Answer 4

Co-regulator of Banks

Question 5

the PDIC as receiver, shall control, manage, and administer the affairs of the bank

Answer 5

Receiver and liquidator of closed banks

Question 6

What is the limit of insured deposits?

Answer 6

not to exceed 500

Question 7

What deposits are not entitled to insurance payment?

Answer 7

1. Investment Products
2. Deposit Accounts or transactions which are unfunded and that are fictitious or fraudulent
3. Deposit accounts or transactions from unsafe and unsound banking practice/s.
4. Deposits from unlawful activity under RA 9160 or AMLA
5. Deposits payable outside the Philippines
6. Money placements by the head office of a foreign bank in its branch
7. Deposit from splitting of deposit

Question 9

What is the time consideration of splitting a deposit?

Answer 9

within 120 days after or during a bank declared holiday or after a closure order of the monetary board for the purpose of availing the maximum deposit insurance coverage

Question 10

Splitting of Deposit is punishable by

Answer 10

1. 12 or less years imprisonment
2. More than 50k but less than 10M

Question 11

What is the rule for determination of amount due of insurance?

Answer 11

Per depositor, per capacity rule

Question 12

what does ITF mean?

Answer 12

In trust for

Question 13

What does FAO mean?

Answer 13

For the account of

Question 14

Joint accounts are insured in what way?

Answer 14

Separately

Question 15

If joint accounts use and, or and/or does that change the treatment?

Answer 15

No regardless of the conjunction used it is insured separately

Question 16

What should be the treatment when an accounts is owned by two or more natural persons or entities?

Answer 16

It is divided into as many equal shares as there are owners. Unless a percentage rate is given for each owner.

Question 17

What is the treatment of joint accounts when a juridical person or entity jointly owns with a natural person

Answer 17

The insured deposit will belong to the juridical person or entity

Question 18

An owner of a certificate of deposit shall only be recognized and entitle to the rights in PDIC act if?

Answer 18

The name is registered as owner in the books of the bank

Question 19

What is the procedure for the PDIC?

Answer 19

1. Determination of insured deposits due
2. PDIC shall give notice to the depositors (whatever means deemed appropriate by the BOD)
3. PDIC shall publish the notice

Question 20

How often and where should the PDIC publish the notice?

Answer 20

once a week for at least 3 consecutive weeks; in a newspaper of general circulation

Question 21

What are the two modes of payment that the PDIC can do?

Answer 21

1. Through cash
2. In another insured bank, a transferred deposit

Question 22

What is the effect of the payment by the pdic to its insured depositors?

Answer 22

1. All rights of the depositors against the closed bank is subrogated to the PDIC

Question 23

What is the time period to settle the claim of the depositor?

Answer 23

6 months from the date of filing the claim

Question 24

What is the punishment of failure of settling the claim of the depositor?

Answer 24

subject the directors, officers, and employees of the pdic to 6 months to one year of imprisonment

Question 25

On the side of the depositor, what is the period for claiming the insured deposit?

Answer 25

within 2 years from the actual take over

Question 26

What is the period upon which the depositor did not claim the insured deposits within the claiming period ?

Answer 26

within 2 years after the 2 years period to file a claim