PMT Forum

PMT Forum's MOST POPULAR Discussion Boards => Banking / Insurance / Credit Cards => Topic started by: AMARANTH on Nov 03, 2006, 01:50 PM

Title: Explanation of PDIC Coverage
Post by: AMARANTH on Nov 03, 2006, 01:50 PM
Illustrative Cases Applying the New Maximum Deposit Insurance Cover of P250,000

Single Depositor Account
   
Quote
Case 1: How much is the effective insurance coverage if Angelo Ramos has the following deposit accounts under his name in the closed ABCD Bank? 
 
Account Type   Balance
 
Acct #1 Savings Account     P 180,000
Acct #2 Checking Account     50,000
Acct #3 Time Deposit       70,000
     
 Total deposits    P 300,000
 Insured deposits    250,000
 Uninsured deposits   50,000

Explanation :  The three accounts are owned by one person, Angelo Ramos.  Thus, all accounts will be consolidated or added together as they are maintained in the same right and capacity, regardless of account type. Total amount insured cannot exceed P250,000.
 

In trust for (ITF) and By Accounts
   
Quote
Case 2: How much will the effective insurance coverage be if Dave, Diane and Danny Santos have the following accounts in the closed EFGH Bank?

Account Holder/s     Balance   
 
Acct #1 Dave Santos    P 280,000
Acct #2  Dave Santos ITF Danny Santos  260,000
Acct #3  Dave Santos by Diane Santos  290,000
 
Dave Santos   
 Acct #1     P 280,000
 
 Acct #3    290,000
      Total deposits   P 570,000
      Insured deposits   250,000
      Uninsured deposits   320,000
     
Danny Santos   
 Acct #2   P 260,000
 
      Total deposits    P 260,000
      Insured deposits  250,000
      Uninsured deposits  10,000
       
Diane Santos : NONE   

Explanation : Dave Santos is the principal owner of Accounts #1 and #3. Thus, these 2 accounts will be consolidated as they are maintained in the same right and capacity; and insurance is up to P250,000 only.   On the other hand, account #2 is owned by Danny Santos with Dave Santos acting as agent.  Danny Santos is thus entitled to a separate maximum limit of P250,000.
   
 
Joint Account

Quote
Case 3: How much is the insurance coverage if Karla, Karen and Kyla Reyes have the following accounts in the closed IJKL Bank?

Account Holder/s   Balance
Acct #1 Karen & Kyla Reyes  P 400,000
Acct #2 Karla &/or Karen Reyes  650,000
 
Karen Reyes  Insured Share  Uninsured Deposits
 
Acct #1 P 125,000 P  75,000 
Acct #2 P 125,000 P 200,000 
                          P 275,000 
Total deposits  P 250,000   
Insured deposits 250,000   
       
Karla Reyes  Insured Share  Uninsured Deposits
 
Acct #2 P 125,000 P 200,000 
       
Total deposits P 125,000   
Insured deposits  125,000   
       
Kyla Reyes Insured Share  Uninsured Deposits
 
Acct #1     P 125,000 P 75,000 

Total deposits      P 125,000   
Insured deposits   125,000   
   
Explanation :  For deposits in excess of P250,000, the amount shared by the co-depositor is only MDIC of the account, thus for Account #1, the share of Karen is P125,000, likewise for Kyla. 

Under the new rules for joint ownership, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. Insurance coverage of P250,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.
 

Institutional Account
     
Quote
Case 4: How much is the insurance coverage given the following accounts in the closed MNOP Bank?         

Account Holder Balance 
Acct #1    Mamamia, Inc. P 600,000 
Acct #2 Mamamia, Inc. &/or Jiang Yu 800,000 
     
Mamamia Inc.   
Acct #1 P  600,000 
Acct #2 800,000 
       
Jiang Yu  : NONE   
 Total deposits P 1,400,000 
 Insured deposits    250,000 
 Uninsured deposits 1,150,000 
   
Explanation : Joint accounts held by a juridical person with natural person will be presumed to belong to the juridical person. Thus, Accounts #1 and #2 will be consolidated.  Total amount of insured deposits will be P250,000.

Single and joint accounts

Quote
Case 5: How much is the insurance coverage if Benjamin, Jose and Jonas have the following accounts in the closed QRST Bank?

Account Holder/s Balance
 
Acct #1  Benjamin  P    200,000 
Acct #2 Benjamin and Jose  500,000 
Acct #3 Benjamin &/or Jonas   300,000 
Acct #4   Benjamin or Jose or Jonas   400,000 
   
Benjamin (for single account)   
Acct #1   P   200,000
Insured deposits 200,000

(for joint accounts)  Insured Share Uninsured Deposits 
Acct #2 P    125,000 P    125,000 
Acct #3 125,000    25,000 
Acct #4                    0        133,333 
   
Total Insured deposits P    250,000   
Total Uninsured deposits  P    283,333
         
Jose Insured Share Uninsured Deposits 
Acct #2 P    125,000 P    125,000 
Acct #4 83,333      50,000 
  P    175,000
 
Total Insured deposits P    208,333   
   
       
Jonas  Insured Share Uninsured Deposits 
Acct #3 P    125,000 P      25,000 
        83,333       50,000 
  P      75,000 

Acct #4     
   Total Insured deposits P    208,333   
   
Explanation : Under the new rules, single account is insured separately to a maximum coverage of P250,000, thus, Account #1 owned by Benjamin is insured for P200,000. For joint ownership, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. Insurance coverage of P250,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.

 

Posted on: Nov 03, 2006, 01:47 PM
I got that form the pdic website and thought people must need to know how pdic insurance really works especially to risky banks like these types

Perhaps we can ask the administrator to post this illustration on their home page for every members of this website as references.
Title: Re: PDIC Coverage
Post by: AMARANTH on Jan 10, 2007, 11:04 PM
i was wondering......if for example the bank you invested misappropriate their funds into unprofitable ventures and lost big amounts of money or anomalies within the banks board that abused their dosri loan or just plain failed business similar to the rsbc/afpsalai of the minitary......and closed shop, I wonder if pdic would still pay us regardless of any cause done by the bank as long as we are within pdic's 250k insurance limit?......
Posted on: Jan 10, 2007, 10:32 PM
halimbawa:

1.) Yung ipinapahiram nila sa sme or individuals na daily/weekly/monthly na hinihingi ay hindi na makabayad at nagdefault,tumakas, ayaw magbayad etc.

2.) May kalokohan ang mga board of directors at nag invest sa mga negosyo na may kaugnayan sa kanila at pumalpak ang investments tulad ng nangyari sa military banks na afpslai/rsbc.

3.) plain thievery, tinakasan ng isang branch manager o isa sa board of dirctors ang pera na mga depositors.

4.) legitimate business failure or failed requirements such as lack of capital hike requirement/documents or any rules not followed and cause it closure.

etc etc etc.....what i am trying to say is regardless ba kung anong dahilan kaya nagsara ang isang bangko babayaran tayo ng PDIC as long as within 250k?  o baka may fine print yan na hindi natin alam na magdadahilan sila gamit ang mga abogado na like kapag ganito ang dahilan ng closure hindi tayo babayaran nila kahit within pdic insurance level pa kasi nagkasaad sa article ganito ganon na pangpalito lkng at impossible natin malaman........




Posted on: Jan 10, 2007, 10:53 PM
naisipang kong tanungin yan kasi naalala ko na may nagpost dati rito na may insurance nagooffer ng 10% net for 3years at sinasabing in the history of the phil wala pang insurance na bumagsak kasi inaaborbed naman daw ng ibang insurance company kung nag sara at highly regulated blah blah blah....then naalala ko yung tatlong malaking preneed firms na natumba dahil sa open-ended contracts ay hanggang ngayon hindi parin makabayad at ginagamit ang mga abugado manuevers nila para hindi na nila kailangan saluhin yung problema o habulin yung ibang asset nila pang bayad like yung kina YUCHENGCO ng pacific plans (ata?)  so mukhang may spot na sa record ng insurance.....mahirap kasi ang mga ganyan na tipong may "exception to the rule" kaya pwedeng hindi na makabayad so inaaply ko lang ito sa mga bangko......
Title: Re: PDIC Coverage
Post by: nailbiter on Jan 11, 2007, 01:12 AM
From the FAQ section on the PDIC website:

Quote
What specific risks to a bank does PDIC cover?

PDIC covers only the risk of bank closure ordered by the Monetary Board. Thus, bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war, are not covered by PDIC.
Title: Re: PDIC Coverage
Post by: AMARANTH on Jan 15, 2007, 12:52 PM
so........well of the list only theft is what most likely will happen the rest are either seldom or rarely occured.

There is this special privelege for board of directors to borrow the funds of their own bank called dosri loans and they can do whatever they like with the funds from investing on their own private companies using our deposits or just plain but luxury spending for new getaway vacation house.  Its if i remembered correctly cause the downfall of orient bank, afpsalai/rsbc (military bank), urban bank.
Title: Re: PDIC Coverage
Post by: inv99 on Jan 15, 2007, 02:38 PM
I hear that it takes some painful years to receive the reimbursement/return of the insured/pdic covered deposit if any of the said eventualities will occur.
Title: Re: PDIC Coverage
Post by: AMARANTH on Jan 19, 2007, 01:27 AM
Who’s afraid of bank runs?   
 

BIZLINKS By Rey Gamboa
The Philippine Star 09/10/2004

In the news lately is the bank run on First Savings Bank. Highlights of the television news showed images of angry, frustrated depositors who were late in withdrawing their deposits, victims of the bank run.

Fortunately, with the signing into law of Republic Act 9302, the number of depositors who will lose part of their deposits in the bank will be less. While the country’s 26 million bank depositors can relax a little after the government recently increased the insurance coverage on bank deposits to P250,000 from the former insurable limit of P100,000, this does not totally preclude the precarious situation that our banks are still in.

Banks continue to experience difficulty in narrowing the ratio of capital versus non-performing assets (read: bad loans). And this can still be mortifying for people, especially those whose hard-earned savings are still not fully covered by the new, albeit higher, deposit insurance levels.

On the average, ever since the Asian currency contagion of 1998, some five rural banks close shop every year. In most of these banks whose doors were ordered shut by the Monetary Board, the closure also meant the death warrant of a number of rural enterprises that had been the source of livelihood and jobs in small communities.

Some of these affected small businesses sometimes have to contend with the trauma and opportunity losses of not just one bank closure. Often, the bank they choose to transfer their recovered savings to would end up closing after some time. Banks engaged in unsound banking practices normally trigger, domino effect style, the closing of other banks within the geographical vicinity. More eyes better than one
The recently enacted Republic Act 9302 not only increased the amount of deposit covered by insurance but also restored the Philippine Deposit and Insurance Corp.’s (PDIC) authority to implement stricter monitoring and governance standards for banks. The new law is careful to point out that it is not duplicating work being done by the Bangko Sentral ng Pilipinas.

RA 9302 reverts examination powers to PDIC, a mandate curiously taken away from the agency when the General Banking Act was signed in 2000. With PDIC out of the picture, the frequency and intensity of bank examination became less.

Some say that the reduced bank examination intensity may partly be the reason for failure to spot earlier banks that eventually became distressed in the past four years.

With the restoration of examination powers, the PDIC can once again look at bank ledgers, and even conduct an investigation on a bank based on a complaint lodged against it. Again, the Monetary Board should clear the examination process that PDIC conducts once a year.

I sincerely hope that stricter bank examination will result to greater depositor protection and higher standards of banking governance. Besides, there are now two agencies of the government looking at the slightest signs of bank failure especially of smaller banks that sometimes escape the prying eyes of the BSP examiners.

The important concern of the PDIC and the BSP should be in immediately implementing remedial measures to prevent closures that will be harmful to depositors. Tightening the screws

Some other relevant provisions stipulated in RA 9302 worth mentioning are: continuing deposit insurance coverage for depositors even if the bank is delinquent in premium payments; stiffer criminal and civil liabilities for erring bank owners and officers; legal indemnification for acts of PDIC officials done in good faith; and enhanced regulatory and liquidation powers which includes the authority to reduce abnormally high interest rates on accounts held by closed banks.

Erring bank owners found engaged in unfair and unsound banking practices will be liable to up to 12 years in prison or up to P2 million in fines. Banks that peddle in dubious bank promotions that promise "double your money" schemes in one year should beware.

Let’s just hope that the new law gives PDIC enough muscle and teeth to carry out its mandate. Shoring depositors’ confidence
At least, the amendments on the PDIC Charter will boost the sagging morale of wary depositors who fear bank closure each time the political and economic scenario dims.

With the higher insurance coverage, 96 percent of the total deposits in the banking system will now be fully backed by deposit guarantees, up from 91 percent from the previous insurable cap.

Based on 2003 banking data approximating deposits in the system at P2.4 trillion, the new insurance coverage translate to full insurance coverage for some P716 billion in deposits versus P462 billion at the previous P100,000 cover.

For now, depositors have one more good reason to leave their hard-earned money with banks rather than in the hands of pyramiding con artists.

 --------------------------------------------------

I got the article from RBAP website.  Notice the bolden paragraph i did, it seems that there is indeed a loophole for pdic not to pay depositors in the event that a bank closes down and that is if a bank is delinquent in its insurance payments to pdic.  Now I undestood why my sister's father-in-law didn't even receive the 100,000 pdic coverage ( it was only 100k at that time) when he deposited 3 million (if i remember correctly).....so that is the loophole rural banks will not tell.........
Title: Re: PDIC Coverage
Post by: AMARANTH on Jan 19, 2007, 01:48 AM
PDIC takes over 3 RBs   
 

The Philippine STAR 01/25/2005


The Philippine Deposit Insurance Corp. (PDIC) has closed three rural banks (RBs) this year and started settlement of more than P400 million in combined deposit insurance claims.

Closed were the Rural Bank of Vinzons (Camarines Norte) Inc., Banco Rural Legaspi Inc., and Banco Sorsogon.

The PDIC, an agency of the Bangko Sentral ng Pilipinas (BSP), reported the settlement of P4.89 million in insurance claims from depositors of the Rural Bank of Vinzons or RB Vinzons. The payout started Jan. 11, only one working day after it took over the bank on Jan. 7.

Five days from start of payout, PDIC has serviced 378 accounts or about 34 percent of the total number of insured deposit accounts of 1,098 and about 82 percent of the total estimated insured amount of deposit liabilities of P5.97 million.

A single unit bank located in Camarines Norte, RB Vinzons was closed by the Monetary Board (MB) of the BSP on Jan. 6. The RB is the first bank closure this year and the fourth to benefit from the new maximum deposit insurance cover of P250,000 effective August last year, after First Savings Bank, Rural Bank of Culasi (Antique) and Ever Development Bank (Zambales).

Meanwhile, the PDIC started the payout operations last Jan. 20 for depositors of Banco Rural Legaspi and Banco Sorsogon. Payout commenced three working days after PDIC simultaneously took over the banks last Jan. 14. The BSP ordered the closures last Jan.13.

Banco Rural Legaspi, established in 1956, has estimated total insured deposit liabilities of P210.6 million consisting of 6,675 insured deposit accounts. It is a five-unit rural bank with head office in Legaspi City and branches in Daet, Camarines Norte; Pili, Camarines Sur; Tabaco, Albay; and Naga City.

Established in 1959, Banco Sorsogon is a four-unit rural bank with head office in Sorsogon City and branches in Gubat and Bulan, Sorsogon; and Daraga, Albay. It has estimated deposit insured liabilities amounting to P193.8 million consisting of 7,764 insured deposit accounts.

Meanwhile, the PDIC renewed its commitment to promote the interest of 26 million depositors nationwide with "a new era of depositor protection with a newly-restructured organization."

The reorganized PDIC will result in a lean organization of 723 officer and rank and file positions, or 31 percent reduced from the present 1,046 positions. It takes effect on February 1. The reorganization process started in September last year when Republic Act (RA) 9302 that amended the PDIC Charter.
 





Posted on: Jan 19, 2007, 01:38 AM
PDIC servicing RB Lilio depositors   
 

The Philippine STAR 06/21/2005


The Philippine Deposit Insurance Corp. (PDIC) has started last June 17 servicing claims of depositors of the closed Rural Bank of Lilio (Liliw, Laguna).

The PDIC advised depositors to proceed to the bank’s offices, all located in the province of Laguna, where they maintained their accounts, during the period designated.

However, depositors of Santiago extension office (EO) must file their claims at the premises of RB Lilio’s head office located in Bonifacio Street, Liliw, Laguna from June 17 to July 14.

The PDIC claims teams will service depositors Monday to Friday, office hours on the following dates: RB Lilio head office in Bonifacio Street, Liliw (including depositors of Santiago EO) – June 17 to July 12; Sta. Cruz branch and Calumpang extension office – June 17 to July 5; and Nagcarlan branch – June 17 to July 7.

After said dates, depositors may file their claims at the PDIC Claims Counter located at the 6/F SSS Bldg., Ayala Avenue corner V.A. Rufino St. (formerly Herrera St.), Makati City, Mondays to Fridays, 8 a.m. to 5 p.m.

RB Lilio was taken over by PDIC on June 10 after the Bangko Sentral ng Pilipinas (BSP), ordered the bank’s closure and placed it under PDIC receivership.

Depositors are advised to present the original evidence of deposit such as savings passbook, certificate of time deposit, bank statements or unused checks; and latest ID with the depositor’s signature. Other documents may be required by the PDIC representatives during the processing of claims.

Under the amended PDIC Charter which took effect on August 2004, the new maximum deposit insurance cover is P250,000. The amended Charter also extended the prescriptive date of filing claims from 18 months to 24 months. The last day for filing claims for the closed RB Lilio is on June 11, 2007.

RB Lilio has total deposit liabilities of over P127 million and 13,477 deposit accounts as of date of PDIC takeover. 

Posted on: Jan 19, 2007, 01:40 AM
2 rural banks closed   
 

The Philippine STAR 02/07/2006


The Philippine Deposit Insurance Corp. (PDIC) has taken over two rural banks as statutory receiver after the Monetary Board (MB) ordered the closure last Jan. 26.

These are the Merchants Rural Bank of Talavera (Nueva Ecija) and Rural Bank of Tangalan (Aklan) Inc. The Nueva Ecija rural bank was taken over Jan. 26 while the Aklan rural bank was taken over Jan. 27.

Merchants RB of Talavera has eight banking units which are all based in Nueva Ecija. Its head office is in Sta. Rosa while its branches are located in Talavera, Muñoz, Cabiao, Zaragosa, Cabanatuan, Gapan and San Jose.

As of June 2005, the bank had deposit liabilities of P393.3 million and more than 9,200 deposit accounts.

The RB Tangalan, with head office in Tangalan, Aklan and one branch located in Sigma, Capiz, had deposit liabilities of P44.7 million and more than 5,200 deposit accounts as of September 2005.

PDIC representatives are currently in the premises of the head offices and branches of these bank conducting examination of deposit records and other bank records in preparation for the processing and payment of claims for insured deposits.

The PDIC is also conducting an inventory of the remaining assets of the closed bank.

PDIC disclosed that it would fasttrack the examination of the deposit records to ensure immediate servicing of claims. The servicing of claims is dependent on the state of the bank records.

The schedule for claims servicing will be published in newspapers and announced over the radio as soon as the masterlist of insured deposits is completed.

Under Republic Act (RA) 9302 that amended the PDIC Charter, the maximum deposit insurance coverage is now P250,000 for each depositor, effective August 2004.

PDIC advised depositors and creditors of these banks to directly transact only with designated PDIC representatives. 

Posted on: Jan 19, 2007, 01:41 AM
Another rural bank falls   
 

The Philippine STAR 02/28/2006



The Philippine Deposit Insurance Corp. (PDIC) has taken over last week The Center Rural Bank as mandatory receiver. This came after the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) ordered the bank closed last Feb. 23.

The single-unit rural bank is located at 10-B Jaysons Bldg., National Road in Muntinlupa City. As of Sept. 30, 2005, the bank had total deposit liabilities of P243.5 million consisting of 2,903 deposit accounts.

PDIC representatives are currently conducting control verification and examination of deposit and other bank records including inventory of its assets in preparation for the servicing of claims for insured deposits.

The duration of the examination will largely depend on the condition of bank records upon PDIC takeover. Depositors and creditors of The Center Rural Bank are can address all concerns and inquiries to the PDIC representatives currently deployed in the bank.

Earlier, the PDIC took over four rural banks closed by the BSP. These are the Urduja Rural Bank of Tayug in Pangasinan, the Rural Bank of Tangalan (Aklan) Inc., Merchants Rural Bank of Talavera (Nueva Ecija) Inc., and the RB of the 21st Century (Balagtas) Inc. of Bulacan.

Most of the closures stem from the institutions inability to meet the minimum capital requirements. Or others could not make the necessary adjustments in capital based on the new international accounting standards.

PDIC officials are urging troubled rural banks to merge with other institutions to avoid the difficult and costly process of receivership and liquidation. "The worst hit are the banking public and the local economies," they added.
 


Posted on: Jan 19, 2007, 01:44 AM
Two RBs close shop   
 

The Philippine STAR 07/11/2006


The Rural Bank of Pilar (Capiz) Inc. and Rural Bank of Malinao (Albay) Inc. has been placed under receivership by the Bangko Sentral ng Pilipinas (BSP) effective July 6 this year.

The Philippine Deposit Insurance Corp. (PDIC) is the statutory receiver of closed banks.

The PDIC, by virtue of BSP Monetary Board Resolution 871 and 872, took over the Rural Bank of Pilar in Capiz and Rural Bank of Malinao (Albay) both of which had huge deposit liabilities and capital deficits or inadequacies.

RB Pilar has two banking units, its head office in Pilar, Capiz and a branch in Roxas City. The RB Malinao is a single unit bank located in Malinao, Albay.

As of June 30, 2005, estimated total deposit liabilities of RB Pilar is P10.24 million with around 1,500 deposit accounts while RB Malinao has estimated total deposit liabilities of P15.78 million with about 6,700 deposit accounts.

PDIC representatives are currently in the premises of the head office and branch of said closed banks conducting examination of the deposit records and other bank records in preparation for the processing and payment of claims for insured deposits. The PDIC is also conducting an inventory of the remaining assets of the closed bank.

In a statement, the PDIC said it was fasttracking the examination of the deposit records to ensure immediate servicing of claims. The state deposit insurer, however, stated that the servicing of claims is dependent on the state of the bank records. It advised depositors and creditors of the two rural banks to directly transact only with designated PDIC representatives.

Under Republic Act (RA) 9302 that amended the PDIC Charter, the maximum deposit insurance coverage is at P250,000 per depositor effective Aug. 12, 2004.
 



Posted on: Jan 19, 2007, 01:46 AM
PDIC takes over Bataan thrift bank   
 

The Daily Tribune
Monday, February 07, 2005


The Philippine Deposit Insurance Corp. (PDIC), as mandatory receiver, takes over the closed Hermosa Savings and Loan Bank Inc. after the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) ordered its closure last Friday.

Hermosa Bank, a thrift bank, maintains 14 branches in Bataan, Pampanga and Makati City.

It has 9,987 accounts with an estimated insured deposit liability of P120.75 million, P106.7 million of which is insured.

Hermosa Bank is the sixth bank to be closed this year.

PDIC assured all depositors that its receivership and examination team is fasttracking the validation of the bank's accounts to expedite payment of insured deposits, schedule of which will be announced later. The duration of the examination will depend on the state and/or condition of the bank's records.

The PDIC also announced that all communications, inquiries and transactions concerning the Bank should be sent or coursed through the PDIC office at the 6/F SSS (Makati) Building, Ayala Avenue corner Herrera St., Makati City, or the designated Deputy Receiver holding office at the premises of the closed bank.

Officers and employees of the closed bank are no longer authorized to transact business on behalf of the bank. Clients who have outstanding loans in the bank are advised to communicate with the designated Deputy Receiver regarding payment/settlement of obligations.
 
Title: Re: PDIC Coverage
Post by: nailbiter on Jan 19, 2007, 08:21 AM
AMARANTH, those are all old news from 2005 to 2006. Wouldn't it be easier to just check PDIC's list of closed banks? Link here: http://www.pdic.gov.ph/closedbanks/cbindex.asp

Since it is more apt in this thread, your post below from the "certificates of time deposit" thread has been moved here. If you wish to have a particular poster respond to its contents, just direct her here from the same thread so we can keep on topic.

Who’s afraid of bank runs?   
 
BIZLINKS By Rey Gamboa
The Philippine Star 09/10/2004

...

Some other relevant provisions stipulated in RA 9302 worth mentioning are: continuing deposit insurance coverage for depositors even if the bank is delinquent in premium payments; stiffer criminal and civil liabilities for erring bank owners and officers; legal indemnification for acts of PDIC officials done in good faith; and enhanced regulatory and liquidation powers which includes the authority to reduce abnormally high interest rates on accounts held by closed banks.

...

 --------------------------------------------------

I got the article from RBAP website.  Notice the bolden paragraph i did, it seems that there is indeed a loophole for pdic not to pay depositors in the event that a bank closes down and that is if a bank is delinquent in its insurance payments to pdic.  Now I undestood why my sister's father-in-law didn't even receive the 100,000 pdic coverage ( it was only 100k at that time) when he deposited 3 million (if i remember correctly).....so that is the loophole rural banks will not tell.........

From my understanding, this loophole has already been erased by RA 9302, as is precisely written in the paragraph you emphasized. It noted that after the 2004 amendment, there will be a continuing coverage on deposits despite delinquency in premium payments on the part of the bank. If we refer to the PDIC chapter, here is the relevant provision:

Quote
R.A. No. 3591, as amended
An Act Establishing the Philippine Deposit Insurance Corporation, Defining its Powers and Duties and for Other Purposes

Assessment of Member Banks
Sec. 6. (h) The Corporation shall not terminate the insured status of any bank which continues to operate or receive deposits. Should any insured bank fail or refuse to pay any assessment required to be paid by such bank under any provision of this Act, and should the bank not correct such failure or refusal within thirty (30) days after written notice has been given by the Corporation to an officer of the bank citing this subsection, and stating that the bank has failed or refused to pay as
required by the law, the Corporation may, at its discretion, file a case for collection before the appropriate court without prejudice to the imposition of administrative sanctions allowed under the provisions of this Law on the bank officials responsible for the non-payment of assessment fees. (As amended by R.A. 9302, 12 August 2004)
Title: Re: PDIC Coverage
Post by: investorsportal on Jan 20, 2007, 09:27 AM

Very, very good input, even if it's 2005 & 2006 references. The PDIC new charter which among others upgraded the insurance coverage to Php 250,000.00 per name/account is one refreshing move since it's up from 100K before. It's always a smart move to spread the accounts up to the level PDIC covers. PDIC moves very swiftly now in settling depositors of closed banks.
Title: Re: PDIC Coverage
Post by: AMARANTH on Jan 20, 2007, 12:57 PM
nailbiter,

oh, I were aware that bsp had a list of all foreclosed bank on their website but my intention was to give people a better idea on what happens when a bank closes, the drama that unfolds, the official statement of pdic/bsp rearding the matter etc.  In short, just about everything that a victimed depositor should expect to endure in the event that happens.
Title: Re: PDIC Coverage
Post by: photobrowser on Jan 30, 2007, 08:30 AM
Our family was a victim of a rural bank run before during late 90s. 100k pa lang  ang insured sa pdic. pdic took over and liquidated all  assets of the bank. It took over a year para mabayaran lahat ng depositors. Some depositors had over 100k life savings.  pero nabalik Lahat regardless kung 1M or 100k or 20k deposit. Pdic went after the directors, investors and exhausted all possible means to protect the depositors. Nakakaawa nga kasi bata pa ako nawitness ko mga senior citizens umiiyak bec they thought they lost their entire life savings. so dont be too scared na hanggang 250k lang ibabalik.  as a depositor, you are entitled to the full amount of your principal. Basta yun bank madami non liquid assets.
Safe ka pa din.
 


Title: Re: PDIC Coverage
Post by: photobrowser on Feb 01, 2007, 07:27 AM
   banks are suppose to be the safest financial institution.  sa naiisip ko palang, tatlong governing bodies ang nagbabantay dito: SEC, Central Bank, PDIC.

    mahirap na kasi baka yun mga involved sa mga networking/pyramiding, mutual fund scams na yan eh  magtatayo na lang ng magtayo ng rural bank,   thinking that they can dupe  depositors of getting whatever is over 250k insured by PDIC.

  from what I can recall also,  dapat yun rural banks may big brother na big bank na puwedeng sumalba sa kanya.   yan ata ang naging resolution dahil sa mga bank runs na nangyari noon 90's.    so if you are really keen on investing sa mga rural banks with higher interest rates,  research nyo mabuti kung sino big brother nya.    

   I personally know of a rural bank owner  who was also former BIR comissioner.  sa title pa lang ng may-ari kakatakot na eh,  although soft-spoken sya ang naging client ko sya and he has the muscle to solve problems since he's a former govt. guy,  still, I will not  invest in his bank.


   



 
Title: Re: PDIC Coverage
Post by: AMARANTH on Feb 04, 2007, 01:29 AM
photobrowser,

anong name ng bangko niya?
Title: Re: PDIC Coverage
Post by: guido on Feb 05, 2007, 10:55 AM
may question lang ako re: pdic coverage

sa joint account amounting to 500K, are the co-depositors entitled to 250K each? or the account is covered only up to 250K?

parang ganito
Account Holder/s         Balance
Acct #1 Karen & Kyla   P 500,000

does karen and kyla have insured deposits of 250K each? or 125K each lang.

another scenario.. 2 joint accounts
Account Holder/s         Balance
Acct #1 Karen & Kyla   P 250,000
Acct #2 Karen & Kyla   P 250,000

'pag ganito how much is insured for each co-depositor? do they get 125K for each account (1 & 2). in effect they still get 250K each?

TIA




Title: Re: PDIC Coverage
Post by: nailbiter on Feb 05, 2007, 12:11 PM
guido, it seems the answer is already illustrated in Case 3 from AMARANTH's first post.

In said case, Karen had two separate joint accounts with Kyla and Karla respectively, both accounts were over P250K. On each account, both Kyla and Karla, with no other account with the bank, only had P125K each in insured deposits. So in your first scenario, yes, P125K each lang. Karen also had P125K in insured deposits on both of her joint accounts as illustrated in Case 3. So in your second scenario, they will each have P125K insured for each of the two accounts.

Title: Re: PDIC Coverage
Post by: guido on Feb 05, 2007, 01:52 PM
actually after my post, binasa ko pa ulit-ulit yung first post. medyo luminaw na rin.
still, salamat po sa clarification.
Title: Re: PDIC Coverage
Post by: carlo on Mar 19, 2007, 07:11 AM
I have a lawyer friend who represented a client of Urban bank, and he was able to get his money back through PDIC. But it took more than five years. I also have another friend who had to wait about three years before starting to get her money back. Is this normal?
Title: Re: PDIC Coverage
Post by: salingpusa on Mar 19, 2007, 11:02 AM
Are you talking about the claims outside the coverage (previously it was P100,000)? Outside the insurance coverage, claims will take more time because the assets of the bank will be liquidated but for the amount under the coverage, the funds will come from PDIC, thus the latter is faster, time-wise.
Title: Re: PDIC Coverage
Post by: carlo on Mar 19, 2007, 07:54 PM
The one that took five years was what was covered by PDIC.  The other friend, I'm not so sure.
Title: Re: PDIC Coverage
Post by: AMARANTH on Mar 20, 2007, 12:10 AM
What is the Philippine Deposit Insurance Corporation (PDIC)?

PDIC is a government-owned and controlled corporation created in 1963 by virtue of Republic Act 3591 for the purpose of insuring bank deposits. The latest amendments to RA 3591 are contained in RA 9302 enacted on July 27, 2004, which provided enhanced depositor protection through increased deposit insurance coverage up to P250,000 and strengthened PDIC's risk management capabilities through the restoration of PDIC's authority to examine member banks with prior approval by the Monetary Board. The new law also enhanced PDIC's receivership and liquidation powers.

The PDIC is an attached agency of the Department of Finance.
 
What is PDIC’s overall mandate?

To provide depositor protection and strengthen public confidence in the banking system to foster financial stability.

 
What are the functions of PDIC?

A. Insurance

The PDIC assesses and collects insurance assessments from member-banks to insure member-banks’ deposit accounts. In case of bank closures, the PDIC processes and services claims for insured deposits. Deposits are insured up to a maximum coverage of P250,000 per depositor.

B. Bank Examination

          Under the new law, PDIC's authority to examine its member banks, with prior approval by the Monetary Board, has been restored.

C. Bank Rehabilitation

The PDIC may grant financial assistance to distressed banks if it is proven to be a less costly alternative than closure.

D. Receivership of closed banks

Once a bank is ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas, the PDIC is designated as statutory receiver. The PDIC upon receipt of the MB resolution ordering the closure of a bank, immediately physically takes over the closed bank. Receivership is the stage within which the PDIC manages the affairs of the closed bank and preserves its assets for the benefit of creditors.

E. Liquidation of closed banks

After it is determined that the closed bank can not be rehabilitated, the PDIC shall recommend the liquidation of the assets of the closed bank. Liquidation refers to the recovery and conversion of assets into cash for distribution to all creditors in accordance with the order of creditor preference pursuant to law.

 
What is PDIC’s maximum deposit insurance coverage?

The maximum deposit insurance coverage is P250,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together.

 
What is an insured deposit?

deposit is the net amount due to any depositor for deposits in an insured bank, after deducting unpaid loans and other obligations of the depositor to the closed bank. In no case shall insured deposit exceed P250,000 per depositor.

 
Are all banks members of PDIC?

Membership of banks to PDIC is mandatory, hence, all operating banks are members of PDIC. Under the new law, PDIC's power to terminate insured status of banks has been revoked.

 
 
What types of deposits are insured by PDIC?

All peso and foreign currency savings deposit accounts, time deposit accounts, current or demand deposit or checking accounts in a bank are insured with PDIC.

 
What specific risks to a bank does PDIC cover?

PDIC covers only the risk of bank closure ordered by the Monetary Board. Thus, bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war, are not covered by PDIC.

 
Are the deposits of all banks insured with PDIC?

Yes. Deposits of all commercial banks, savings and mortgage banks, rural banks, private development banks, cooperative banks, savings and loan associations, as well as branches and agencies in the Philippines of foreign banks and all other corporations authorized to perform banking functions in the Philippines, are insured with PDIC. But PDIC insurance only covers deposits in banks located in the Philippines. Deposits in overseas branches of local banks are not insured with PDIC.

Sec. 9 of RA 6426 (‘An act instituting a foreign currency deposit system in the Philippines, and for other purposes") and Sec. 79 of Central Bank (CB) Circular No. 1389, dated August 13, 1993, mandate that foreign currency deposits shall be insured under the provisions of RA 3591, as amended. Under CB Circular No. 1389, depositors are entitled to receive payment in the same currency in which the insured deposit is denominated.

 
Shall the depositor pay any insurance premium to PDIC?

No. Insurance premium is paid by the banks, not by the depositors. The bank is assessed 1/5 of 1% per annum of the assessment base of the bank as insurance assessment.

 
How is insurance coverage determined?

In determining the insured amount, the outstanding balance of each account is adjusted, such that interests are updated, withholding taxes are deducted, accounts maintained by a depositor in the same right and capacity are added together; and whenever applicable, unpaid loans and other obligations of the depositor are deducted; and in no case shall insured deposit exceed P250,000.

 
 
Can PDIC insurance coverage be increased by having several accounts in the same name in an insured bank?

No. Deposit insurance coverage is not determined on a per-account basis. The type of account (whether checking, savings, time or other form of deposit) has no bearing on the amount of insurance coverage.

 
If I have deposits in several different insured banks, will my deposits be added together for insurance purposes?
 


No. Deposits in different banking institutions are insured separately. However, if a bank has one or more branches, the main office and all branch offices are considered as one bank. Thus, if you have deposits at the main office and at one or more branch offices of the same bank, the deposits are added together when determining deposit insurance coverage, the total of which shall not exceed P250,000.

 
Is there a need for a depositor to file his claim for insured deposit with PDIC?

Yes. Depositors will be advised through the national and/or local media and posters at the premises of the closed insured bank and other public places within the locality on the schedule of claims servicing and the prescriptive date of filing claim.

 
When should the depositor of a closed insured bank file his claim with PDIC?

The depositor of the closed insured bank should file a claim for his insured deposits within twenty-four (24) months from date of bank closure.

 
What happens when the depositor of a closed bank fails to file his claim within the 24-month period?

All rights of the depositor with respect to the insured deposit shall no longer be honored but his rights against the closed bank subsists.

 
How long does it take PDIC to settle a claim for insured deposit?

The claim for insured deposit should be settled within six (6) months from the date of filing but the claim must be filed within twenty-four (24) months after bank closure. The six-month period shall not apply if the documents of the claimant are incomplete or if the validity of the claim requires the resolution of issues of facts and law by another office, body or agency, idependently or in coordination with PDIC.

 
What processes are involved before PDIC starts servicing claims?
 
Deposit records are subjected to an examination prior to the start of servicing/settlement of claims. As soon as the pre-settlement examination is completed, PDIC shall schedule the servicing of claims.
 
How long does the pre-settlement examination take?

The length of time needed for the pre-settlement examination of deposit liabilities of a closed insured bank largely depends on the completeness and accuracy of records turned over by the Bank to PDIC and the number of deposit accounts to be examined. On the average, claims servicing for banks with problematic records starts 2-3 months after takeover by PDIC.
 
If the deposit account in a closed bank is more than P250,000.00, what happens to the excess of the maximum amount of insured deposit?
 
If the closed bank is not rehabilitated or taken over by another bank, amount in excess of the P250,000 coverage can still be claimed upon the final liquidation of the remaining assets of the closed bank. The claim may be filed with the Liquidator of the closed bank.

However, if the closed bank is rehabilitated, the excess deposits are usually assumed by the rehabilitator.


What is the order of priorities for the payment of claims in excess of the P250,000.00 maximum insurance coverage?
 

The schedule of payment beyond the P250,000.00 maximum insurance shall be based on priorities set by law.

Under the law, claims for deposit in excess of the insured P250,000.00 will be settled together with claims of other ordinary creditors, after preferred claims like government taxes, labor claims, secured credits and trust funds are settled.


 
Title: Re: PDIC Coverage
Post by: AMARANTH on Mar 20, 2007, 12:13 AM
TO  : MEMBER BANKS
SUBJECT : RURAL BANK OF SANTOL (LA UNION), INC.
 
 
--------------------------------------------------------------------------------
 

            Pursuant to Section 30 of Republic Act No. 7653 (New Central Bank Act), the Monetary   Board  of  the  Bangko    Sentral ng  Pilipinas issued Resolution No. 237 dated February 22, 2007 prohibiting RURAL BANK OF SANTOL (LA UNION), INC., (“Bank”) with Head Office address at Corro-oy, Santol, La Union from doing business in the Philippines and placing the same under receivership with the Philippine Deposit Insurance Corporation (PDIC) as the designated Receiver.  

The Bank has 3 branches, located at the following addresses:

BRANCH
 ADDRESS
Balaoan Branch
 Balaoan, La Union
 
Bangar Branch
 Bangar, La Union
 
Tagudin  Branch
 Tagudin, Ilocos Sur
 

            The PDIC took over RURAL BANK OF SANTOL (LA UNION), INC.and its branches, assets, records and affairs effective February 22, 2007.
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TO  : MEMBER BANKS
SUBJECT : RURAL BANK OF CAJIDIOCAN (ROMBLON), INC.
 
 
--------------------------------------------------------------------------------
 

            Pursuant to Section 30 of Republic Act No. 7653 (New Central Bank Act), the Monetary   Board  of  the  Bangko Sentral ng Pilipinas issued Resolution No. 173 dated February 8, 2007 prohibiting RURAL BANK OF CAJIDIOCAN (ROMBLON), INC., with Head Office address at R. Magsaysay Ave., cor. Arellano St., Poblacion, Cajidiocan, Romblon from doing business in the Philippines and placing the same under receivership with the Philippine Deposit Insurance Corporation (PDIC) as the designated Receiver.  The Bank has one (1) branch located in Alcantara, Tablas Island, Romblon.

            The PDIC took over RURAL BANK OF CAJIDIOCAN (ROMBLON), INC., and its branch, assets, records and affairs effective February 9, 2007.

 
 



 

 
Title: Re: PDIC Coverage
Post by: AMARANTH on Mar 20, 2007, 12:23 AM
     
 
     
 
Philippine Deposit Insurance Corporation
Banks under PDIC R/L
As of April 17, 2006

 

Under Liquidation
 
 Bank Name
 Closure Date
Commercial Banks
1 Orient Commercial Banking Corporation 15-Oct-98
2 Pacific Banking Corporation 05-Jul-85
   
Thrift Banks
1 Admiral United Savings Bank 18-Jun-84
2 Aklan Development Bank 06-Mar-98
3 All AsiaBank Corporation - Your Community Thrift Bank 2-Aug-02
4 Baguio Mountain Province Dev. Bank 18-May-88
5 Banco Primero Development Bank 16-Jul-84
6 Batangas Savings and Loan Bank, Inc. 27-Jul-99
7 Commonwealth Savings and Loan Bank, Inc. 05-Jun-98
8 Community Savings and Loan Association, Inc. 19-Jun-98
9 Country Savings and Loans Association, Inc. 10-Jun-85
10 Daily Savings Bank 15-May-84
11 Development Bank of Rizal 13-Aug-84
12 Eastern Visayas Development Bank (Tacloban), Inc. 19-Dec-97
13 Ever Development Bank 26-Nov-04
14 Federated Thrift Bank (Bulacan), Inc. 13-Aug-84
15 Fidelity Savings and Mortgage Bank 18-Feb-69
16 Filhomes Savings and Loan Bank 21-Jan-05
17 First Ideal Savings & Loan Bank 13-Aug-84
18 First Occidental SLA (Negros Occidental), Inc. 15-Sep-82
19 First Peso Savings & Loan Asso., Inc. 15-Aug-83
20 First Savings Bank 8-Sep-04
21 Fortune Savings and Loan Association, Inc. 18-Jun-98
22 Golden Savings and Loan Association, Inc. 12-Mar-81
23 Hermosa Savings and Loan Bank 3-Feb-05
24 Homeowners Savings and Loan Bank 11-Feb-99
25 Industrial SLA (Mandaue), Inc. 09-Jul-84
26 Intercity Savings and Loan Bank 21-May-85
27 International SLB (Tayuman, Sta. Cruz), Inc. 09-Jul-84
28 Island Savings Bank 14-Jun-68
29 Jade Progressive and Mortgage Bank, Inc. 19-Dec-00
30 Laguna Savings and Loans Association, Inc. 11-Jun-82
31 Mariveles Savings & Loan Bank, Inc. 26-Jan-95
32 Matatag SLA (Guimba, Nueva Ecija), Inc. 14-May-87
33 Mayon Savings & Loan Bank 12-Feb-87
34 Mercantile Savings & Loan Association, Inc. 21-Mar-81
35 Mindanao Savings and Loan Association, Inc. 03-Sep-90
36 Molave Savings & Loan Bank, Inc. 23-Aug-85
37 Nation Savings Loan and Association, Inc. 20-Mar-81
38 Oriental SLB (Kalibo, Aklan), Inc. 12-Nov-84
39 PAIC Savings & Mortgage Bank 19-Aug-85
40 Panay Thrift Bank, Inc. 09-Nov-94
41 Peninsula Development Bank 21-Nov-90
42 Permanent Savings & Loan Bank 18-Dec-84
43 Perpetual Savings Bank 11-Jun-84
44 Pioneer Savings & Loan Bank, Inc. 14-Aug-84
45 PISO Development Bank 03-Aug-87
46 Prime Savings Bank, Inc. 07-Jan-00
47 Regent Savings & Loan Bank (Valenzuela, Metro Manila) 18-Jun-84
48 Reliable Savings & Loan Association, Inc. 22-Jan-88
49
 Richmond Bank 15-Oct-98
50 Second Bulacan Development Bank 30-Nov-00
51
 Solid Homes Savings & Loan Association, Inc. 26-Nov-84
52
 Thrift Savings & Loan Association, Inc. 09-Jul-84
53
 Triumph Savings Bank 03-Jun-85
54
 Unified Savings and Loan Association, Inc. 03-Sep-98
55
 Unitrust Development Bank, Inc. 04-Jan-02
   
Rural Banks
1 Banco Rural del Oriente (Davao Oriental), Inc. 14-Aug-98
2 Banco Rural Legaspi, Inc. 14-Jan-05
3 Banco Rural Sorsogon, Inc. 14-Jan-05
4 Bangko Rural ng Minalabac (Camarines Sur), Inc. 01-Jul-02
5 Bangko Rural ng Sta. Lucia (Ilocos Sur), Corp. 06-May-02
6 Bauan Rural Bank (Batangas), Inc. 09-May-03
7 Cabiao RB (Nueva Ecija), Inc. 17-Mar-87
8 Candaba Rural Bank (Pampanga), Inc. 21-Jun-96
9 Capital Rural Bank of Makati, Inc. 13-May-99
10 Catanauan Rural Bank (Quezon), Inc. 18-Mar-82
11 Community Rural Bank of Allen( N. Samar), Inc. 08-Oct-01
12 Community Rural Bank of Bacarra (Ilocos Norte), Inc. 05-Dec-94
13 Community Rural Bank of Balamban (Cebu), Inc. 18-Sep-86
14 Community Rural Bank of Bulalacao (Oriental Mindoro), Inc. 26-Jun-81
15 Community Rural Bank of Calamba (Misamis Occidental), Inc. 25-Sep-91
16 Community Rural Bank of Currimao (Ilocos Norte), Inc. 02-Jul-99
17 Community Rural Bank of Dalaguete (Cebu), Inc. 10-Sep-86
18 Community Rural Bank of Dingle (Iloilo), Inc. 12-Jan-01
19 Community Rural Bank of Dumanjug (Cebu), Inc. 24-Aug-83
20 Community Rural Bank of Hinoba-an (Negros Occidental), Inc. 24-Apr-86
21 Community Rural Bank of Leon (Iloilo), Inc. 07-May-80
22 Community Rural Bank of Pandan (Antique), Inc. 30-Aug-96
23 Community Rural Bank of Paombong (Bulacan), Inc. 05-Nov-87
24 Community Rural Bank of Solsona (Ilocos Norte) Inc 16-Jul-82
25 Community Rural Bank of Valladolid (Negros Occidental), Inc. 20-Jun-80
26 Concepcion Rural Bank (Tarlac), Inc. 19-Jun-00
27 Cooperative Bank of Davao City 14-Aug-00
28 Cooperative Bank of Davao Oriental 17-Oct-03
29 Cooperative Bank of Lanao Del Sur, Inc. 24-Jun-02
30 Cooperative Bank of Occidental Negros, Inc. 03-Dec-01
31 Cooperative Bank of Pangasinan  5-Dec-03
32 Cooperative Rural Bank of Albay, Inc. 12-Jul-02
33 Countryside Rural Bank (Real, Quezon), Inc. 18-May-01
34 Countrywide Rural Bank of La Carlota (Neg. Occidental), Inc. 14-May-99
35 Dagupan City Rural Bank (Pangasinan), Inc. 05-Jun-98
36 Davao Cooperative Bank, Inc 16-Jul-01
37 First Manufacturer's Rural Bank (Bulacan), Inc. 29-Sep-99
38 First United Rural Bank of Grace Park (Metro Manila), Inc. 05-May-84
39 Harvest Rural Bank(Daraga, Albay), Inc. 16-May-01
40 Integrated RB of Binidayan (Lanao del Sur), Inc. 04-Nov-98
41 Integrated Rural Bank of Mis. Oriental (Misamis Oriental), Inc. 05-Jun-90
42 Kalibo Rural Bank (Aklan), Inc. 16-Jul-99
43 Manaoag Rural Bank (Pangasinan), Inc. 11-Apr-00
44 Masbate Rural Bank (Masbate), Inc. 21-Nov-86
45 Meycauayan Rural Bank (Bulacan), Inc. 29-Nov-02
46 Molave Rural Bank (Zamboanga del Sur), Inc. 17-Dec-79
47 Municipal Rural Bank of Del Gallego, Inc. 28-Jan-05
48 Networth Bank of La Union 27-Jun-03
49 Rizal RB (Nueva Ecija), Inc. 25-Sep-87
50 Rural Bank of Abra De Ilog (Occidental Mindoro), Inc. 05-May-00
51 Rural Bank of Abuyog (Leyte), Inc. 28-Apr-87
52 Rural Bank of Agdangan (Quezon), Inc. 15-May-01
53 Rural Bank of Aguilar (Pangasinan), Inc. 28-Apr-86
54 Rural Bank of Ajuy (Iloilo), Inc. 19-Jun-80
55 Rural Bank of Alang-Alang (Leyte), Inc. 01-Aug-85
56 Rural Bank of Alcala (Pangasinan), Inc. 05-Jan-93
57 Rural Bank of Aliaga (Nueva Ecija), Inc. 26-Mar-81
58 Rural Bank of Alicia (Bohol), Inc. 15-Sep-99
59 Rural Bank of Alubijid (Misamis Oriental), Inc. 05-Jul-91
60 Rural Bank of Amulung (Cagayan), Inc. 15-Aug-90
61 Rural Bank of Anao (Tarlac), Inc. 16-Nov-88
62 Rural Bank of Aparri (Cagayan), Inc. 19-Jun-89
63 Rural Bank of Arayat (Pampanga), Inc. 08-Oct-81
64 Rural Bank of Aringay (La Union), Inc. 12-May-95
65 Rural Bank of Asingan (Pangasinan), Inc. 26-Oct-99
66 Rural Bank of Asuncion (Davao del Norte), Inc. 24-Sep-81
67 Rural Bank of Atok (Benguet), Inc. 02-Dec-85
68 Rural Bank of Aurora (Quezon), Inc. 26-Sep-85
69 Rural Bank of Aurora (Zamboanga del Sur), Inc. 26-May-97
70 Rural Bank of Baao (Camarines Sur), Inc. 16-May-97
71 Rural Bank of Bacacay (Albay), Inc. 27-Feb-90
72 Rural Bank of Bacon (Sorsogon), Inc. 10-Apr-80
73 Rural Bank of Badoc (Ilocos Norte), Inc. 13-Jul-89
74 Rural Bank of Bagumbayan (Sultan Kudarat), Inc. 07-May-86
75 Rural Bank of Balatan (Camarines Sur), Inc. 10-Apr-80
76 Rural Bank of Balayan (Batangas), Inc. 02-May-00
77 Rural Bank of Ballesteros (Cagayan), Inc. 10-Jan-89
78 Rural Bank of Banate (Iloilo), Inc. 07-May-80
79 Rural Bank of Banga (South Cotabato), Inc. 16-Oct-98
80 Rural Bank of Bansalan (Davao del Sur), Inc. 21-Jul-81
81 Rural Bank of Bantay (Ilocos Sur), Inc. 17-Mar-97
82 Rural Bank of Baras (Rizal), Inc. 14-Oct-94
83 Rural Bank of Barbaza (Antique), Inc. 14-Mar-00
84 Rural Bank of Basilan City, Inc. 24-Apr-89
85 Rural Bank of Basista (Pangasinan), Inc. 13-May-87
86 Rural Bank of Batad (Iloilo), Inc. 26-Jul-85
87 Rural Bank of Bato (Camarines Sur), Inc. 14-Apr-80
88 Rural Bank of Belison (Antique), Inc. 20-Apr-83
89 Rural Bank of Binalbagan (Negros Occidental), Inc. 14-Sep-71
90 Rural Bank of Binalonan (Pangasinan), Inc. 19-Mar-99
91 Rural Bank of Bislig (Surigao del Sur), Inc. 25-Nov-02
92 Rural Bank of Boac (Marinduque), Inc. 29-Mar-90
93 Rural Bank of Bobon (Northern Samar), Inc. 09-Jun-97
94 Rural Bank of Bocaue (Bulacan), Inc. 18-Aug-00
95 Rural Bank of Bokod (Benguet), Inc 21-Jan-87
96 Rural Bank of Bombon (Camarines Sur), Inc. 10-Oct-03
97 Rural Bank of Bongabon (Nueva Ecija), Inc. 17-Mar-88
98 Rural Bank of Botolan (Zambales), Inc. 03-Feb-87
99 Rural Bank of Buenavista (Marinduque), Inc. 05-Jul-88
100 Rural Bank of Bugallon (Pangasinan), Inc. 15-Oct-01
101 Rural Bank of Buguey (Cagayan), Inc. 24-Mar-86
102 Rural Bank of Buhi (Camarines Sur), Inc. 12-Apr-80
103 Rural Bank of Bula (Camarines Sur), Inc. 13-Nov-90
104 Rural Bank of Bulusan (Sorsogon), Inc. 22-Aug-85
105 Rural Bank of Butig (Lanao del Sur), Inc. 04-Nov-98
106 Rural Bank of Buug (Zamboanga del Sur), Inc. 11-Mar-94
107 Rural Bank of Cabarroguis (Quirino), Inc. 27-Aug-97
108 Rural Bank of Cabusao (Camarines Sur), Inc. 14-May-99
109 Rural Bank of Cagwait (Surigao del Sur), Inc. 09-Mar-99
110 Rural Bank of Calabanga (Camarines Sur), Inc. 15-Feb-91
111 Rural Bank of Calatrava (Negros Occidental), Inc. 20-Jul-00
112 Rural Bank of Calauag (Quezon), Inc. 29-Sep-99
113 Rural Bank of Calawi-Bacolod Grande (Lanao del Sur), Inc. 04-Nov-98
114 Rural Bank of Calintaan (Occidental Mindoro), Inc. 14-May-93
115 Rural Bank of Calumpit (Bulacan), Inc. 13-Feb-85
116 Rural Bank of Canaman (Camarines Sur), Inc. 08-Jan-01
117 Rural Bank of Candon (Ilocos Sur), Inc. 17-Oct-97
118 Rural Bank of Candoni (Negros Occidental), Inc. 22-Aug-85
119 Rural Bank of Canlaon City (Negros Oriental), Inc. 19-Sep-86
120 Rural Bank of Capas (Tarlac), Inc. 25-Nov-85
121 Rural Bank of Capiz (Capiz), Inc. 05-Oct-94
122 Rural Bank of Carigara (Leyte), Inc. 28-May-85
123 Rural Bank of Castilla (Sorsogon), Inc. 19-Dec-81
124 Rural Bank of Catarman (Northern Samar), Inc. 26-Dec-96
125 Rural Bank of Cauayan (Negros Occidental), Inc. 03-Mar-94
126 Rural Bank of Central Mindanao (N. Cotabato), Inc. 04-May-98
127 Rural Bank of Consolacion (Cebu), Inc. 26-Nov-87
128 Rural Bank of Coron (Palawan), Inc. 20-Jul-99
129 Rural Bank of Culasi (Antique), Inc. 22-Oct-04
130 Rural Bank of Daet (Camarines Norte), Inc. 21-Mar-80
131 Rural Bank of Del Pilar (Bulacan), Inc. 29-Sep-99
132 Rural Bank of Dinalupihan (Bataan), Inc. 26-Jun-00
133 Rural Bank of Dipaculao (Aurora), Inc. 15-Jun-89
134 Rural Bank of Ditsaan Ramain (Lanao del Sur), Inc. 04-Nov-98
135 Rural Bank of Dolores (Eastern Samar), Inc. 29-Jan-97
136 Rural Bank of Don Carlos (Bukidnon), Inc. 29-Jun-81
137 Rural Bank of Duenas (Iloilo), Inc. 29-May-98
138 Rural Bank of Dumarao (Capiz), Inc. 18-Jun-81
139 Rural Bank of E.B. Magalona (Negros Occidental), Inc. 27-Nov-00
140 Rural Bank of Echague (Isabela), Inc. 03-Feb-03
141 Rural Bank of Espiritu (Ilocos Norte), Inc. 01-Mar-95
142 Rural Bank of Estancia (Iloilo), Inc. 18-Jun-85
143 Rural Bank of Famy (Laguna), Inc. 03-Nov-83
144 Rural Bank of Francisco Balagtas (Bulacan), Inc. 29-Sep-99
145 Rural Bank of Ganassi (Lanao del Sur), Inc. 04-Nov-98
146 Rural Bank of Gapan (Nueva Ecija), Inc. 23-Sep-93
147 Rural Bank of Gasan (Marinduque), Inc. 04-Apr-90
148 Rural Bank of Gen. Natividad (Nueva Ecija), Inc. 03-May-82
149 Rural Bank of Gen. Santos (South Cotabato), Inc. 26-Jun-81
150 Rural Bank of Gen. Tinio (Nueva Ecija), Inc. 15-May-86
151 Rural Bank of Gerona (Tarlac), Inc. 10-Sep-98
152 Rural Bank of Giporlos (Eastern Samar), Inc. 03-Dec-87
153 Rural Bank of Greater Baloi (Lanao del Norte), Inc. 04-Nov-98
154 Rural Bank of Gubat (Sorsogon), Inc. 10-Apr-80
155 Rural Bank of Guiguinto (Bulacan), Inc. 11-Feb-99
156 Rural Bank of Guinayangan (Quezon), Inc. 09-Jul-86
157 Rural Bank of Gumaca (Quezon), Inc. 14-Aug-00
158 Rural Bank of Hinatuan (Surigao del Sur), Inc. 26-Nov-86
159 Rural Bank of Hinunangan (Southern Leyte), Inc. 16-Oct-87
160 Rural Bank of Iba (Zambales), Inc 04-Apr-90
161 Rural Bank of Imelda (Camarines Norte), Inc. 26-Oct-94
162 Rural Bank of Impasug-ong (Bukidnon), Inc. 20-Mar-87
163 Rural Bank of Ipil (Zamboanga del Sur), Inc. 03-Jul-89
164 Rural Bank of Islamic City of Marawi, Inc. 04-Nov-98
165 Rural Bank of Jagna (Bohol), Inc. 23-Apr-81
166 Rural Bank of Jala-Jala (Rizal), Inc. 21-Apr-86
167 Rural Bank of Jaro (Leyte), Inc. 31-Jan-91
168 Rural Bank of Jasaan (Misamis Oriental), Inc. 09-Feb-87
169 Rural Bank of Jones (Isabela), Inc. 18-Apr-85
170 Rural Bank of Jovellar (Albay), Inc. 16-Mar-87
171 Rural Bank of Juban (Sorsogon), Inc. 28-Sep-81
172 Rural Bank of Kabankalan (Negros Occidental), Inc. 02-May-86
173 Rural Bank of Kiblawan (Davao del Sur), Inc. 18-Jul-81
174 Rural Bank of Kidapawan (North Cotabato), Inc. 24-Nov-94
175 Rural Bank of La Paz (Abra), Inc. 21-Mar-90
176 Rural Bank of Labo (Camarines Norte), Inc. 23-Aug-90
177 Rural Bank of Lagangilang (Abra), Inc. 29-Mar-90
178 Rural Bank of Lagawe (Ifugao), Inc. 28-Nov-86
179 Rural Bank of Lala (Lanao del Norte), Inc. 03-Jun-94
180 Rural Bank of Lal-lo (Cagayan), Inc. 13-Jun-91
181 Rural Bank of Lambunao (Iloilo), Inc. 15-May-98
182 Rural Bank of Laoag (Ilocos Norte), Inc. 31-May-85
183 Rural Bank of Laoang (Northern Samar), Inc. 05-Mar-85
184 Rural Bank of Lavezares (N. Samar), Inc. 04-Jan-02
185 Rural Bank of Lazi (Siquijor), Inc. 10-Jan-89
186 Rural Bank of Lemery (Iloilo), Inc. 26-Jul-85
187 Rural Bank of Libacao (Aklan), Inc. 04-Apr-94
188 Rural Bank of Libertad (Antique), Inc. 07-May-99
189 Rural Bank of Libmanan (Camarines Sur), Inc. 17-Jun-80
190 Rural Bank of Libona (Bukidnon), Inc. 05-Jul-91
191 Rural Bank of Libungan (North Cotabato), Inc. 09-Jun-97
192 Rural Bank of Ligao (Albay), Inc. 16-Mar-87
193 Rural Bank of Lilio, Inc. 10-Jun-05
194 Rural Bank of Liloan (Southern Leyte), Inc. 06-Oct-86
195 Rural Bank of Llanera (Nueva Ecija), Inc. 05-Feb-81
196 Rural Bank of Looc (Romblon), Inc. 06-Aug-99
197 Rural Bank of Lucena (Quezon), Inc. 13-Jun-61
198 Rural Bank of Lumba-Bayabao (Lanao del Sur), Inc. 04-Nov-98
199 Rural Bank of Lumbatan (Lanao del Sur), Inc. 04-Nov-98
200 Rural Bank of Maayon (Capiz), Inc. 05-Oct-94
201 Rural Bank of Mabini (Pangasinan), Inc. 27-Jul-99
202 Rural Bank of Macabebe (Pampanga), Inc. 15-Nov-89
203 Rural Bank of Macalelon (Quezon), Inc. 08-Jan-81
204 Rural Bank of Maco (Compostela), Inc. 7-Nov-03
205 Rural Bank of Magalang (Pampanga), Inc. 19-Sep-91
206 Rural Bank of Magallanes (Agusan del Norte), Inc. 20-Mar-87
207 Rural Bank of Magallanes (Sorsogon), Inc. 19-Sep-86
208 Rural Bank of Magarao (Camarines Sur), Inc. 11-Jul-90
209 Rural Bank of Magsaysay (Occidental Mindoro), Inc. 09-Dec-81
210 Rural Bank of Mainit (Surigao del Norte), Inc. 10-Sep-98
211 Rural Bank of Malabang (Lanao del Sur), Inc. 04-Nov-98
212 Rural Bank of Malita (Davao del Sur), Inc. 09-Jul-01
213 Rural Bank of Malvar (Batangas), Inc. 25-Aug-95
214 Rural Bank of Mamburao (Occidental Mindoro), Inc. 02-Mar-81
215 Rural Bank of Manabo (Abra),Inc. 24-Jul-95
216 Rural Bank of Manay (Davao Oriental), Inc. 18-Nov-86
217 Rural Bank of Mangatarem (Pangasinan), Inc. 15-Oct-01
218 Rural Bank of Manticao (Misamis Oriental), Inc. 15-Jul-80
219 Rural Bank of Maramag (Bukidnon), Inc. 23-Jul-81
220 Rural Bank of Marihatag (Surigao del Sur), Inc. 23-Oct-95
221 Rural Bank of Marilao (Bulacan), Inc. 03-Sep-86
222 Rural Bank of Mariveles (Bataan), Inc. 25-Oct-90
223 Rural Bank of Masinloc (Zambales), Inc. 28-Mar-88
224 Rural Bank of Masiu (Lanao del Sur), Inc. 04-Nov-98
225 Rural Bank of Matnog (Sorsogon), Inc. 01-Aug-85
226 Rural Bank of Mercedes (Camarines Norte), Inc. 20-Feb-80
227 Rural Bank of Mina (Iloilo), Inc. 05-Jul-85
228 Rural Bank of Minalin (Pampanga), Inc. 25-Feb-81
229 Rural Bank of Mogpog (Marinduque), Inc. 28-Mar-90
230 Rural Bank of Moncada (Tarlac), Inc. 19-May-95
231 Rural Bank of Morong (Rizal), Inc. 20-Mar-00
232 Rural Bank of Mulondo (Lanao del Sur), Inc. 04-Nov-98
233 Rural Bank of Muntinlupa (Rizal), Inc. 10-Feb-78
234 Rural Bank of Murcia (Negros Occidental), Inc. 19-Mar-87
235 Rural Bank of Mutia (Zamboanga del Norte), Inc. 11-May-82
236 Rural Bank of Nampicuan (Nueva Ecija), Inc. 19-Apr-89
237 Rural Bank of Narvacan (Ilocos Sur), Inc. 15-Oct-01
238 Rural Bank of Natividad (Pangasinan), Inc. 17-Nov-72
239 Rural Bank of Naujan (Oriental Mindoro), Inc. 15-Dec-81
240 Rural Bank of New Lucena (Iloilo), Inc. 07-Feb-83
241 Rural Bank of Northern Cebu (Compostela), Inc. 28-Sep-99
242 Rural Bank of Nueva Valencia (Guimaras), Inc. 26-Jul-85
243 Rural Bank of Obando (Bulacan), Inc. 02-Mar-73
244 Rural Bank of Olongapo (Zambales), Inc. 02-Jul-84
245 Rural Bank of Oras (Eastern Samar), Inc. 30-Sep-87
246 Rural Bank of Orion (Bataan), Inc. 18-Jun-01
247 Rural Bank of Padre Burgos (Quezon) Inc. 06-Sep-93
248 Rural Bank of Pakil (Laguna), Inc. 13-Jul-83
249 Rural Bank of Palauig (Zambales), Inc. 28-Mar-88
250 Rural Bank of Palayan City (Nueva Ecija), Inc. 02-May-00
251 Rural Bank of Palo (Leyte), Inc. 19-May-87
252 Rural Bank of Palompon (Leyte), Inc. 24-Aug-89
253 Rural Bank of Paluan (Occidental Mindoro), Inc. 10-Sep-90
254 Rural Bank of Paniqui (Tarlac), Inc. 11-Dec-86
255 Rural Bank of Paoay (Ilocos Norte), Inc. 07-Feb-97
256 Rural Bank of Pasacao (Camarines Sur), Inc. 13-Apr-80
257 Rural Bank of Passi (Iloilo), Inc. 16-Aug-85
258 Rural Bank of Patnongon (Antique), Inc. 28-Sep-94
259 Rural Bank of Penaplata (Davao del Norte), Inc. 12-Mar-99
260 Rural Bank of Penaranda (Nueva Ecija), Inc. 12-Dec-85
261 Rural Bank of Pidigan (Abra), Inc. 06-Jun-97
262 Rural Bank of Pila (Laguna), Inc. 10-Sep-86
263 Rural Bank of Pili (Camarines Sur), Inc. 18-Feb-02
264 Rural Bank of Pinan (Zamboanga del Norte), Inc. 17-Aug-99
265 Rural Bank of Pinili (Ilocos Norte), Inc. 03-May-83
266 Rural Bank of Pioduran (Albay), Inc. 16-Mar-87
267 Rural Bank of Plaridel (Quezon), Inc. 01-Aug-89
268 Rural Bank of Polilio (Quezon), Inc. 26-Jul-93
269 Rural Bank of Pontevedra (Capiz), Inc. 05-Oct-94
270 Rural Bank of Poona-Bayabao (Lanao del Sur), Inc. 04-Nov-98
271 Rural Bank of Pualas (Lanao del Sur), Inc. 04-Nov-98
272 Rural Bank of Pulilan (Bulacan), Inc. 3-Oct-03
273 Rural Bank of Pulupandan (Negros Occidental), Inc. 17-Jul-86
274 Rural Bank of Quezon (Bukidnon), Inc. 22-Nov-85
275 Rural Bank of Ramos (Tarlac), Inc. 01-Oct-87
276 Rural Bank of Real (Quezon), Inc. 12-Jul-90
277 Rural Bank of Rinconada (Iriga city), Inc. 20-Feb-98
278 Rural Bank of Rizal (Occidental Mindoro), Inc. 25-Feb-05
279 Rural Bank of Rosario (Agusan del Sur), Inc. 02-Mar-98
280 Rural Bank of Roxas (Palawan), Inc. 08-Mar-01
281 Rural Bank of Sablayan (Occidental Mindoro), Inc. 16-Nov-90
282 Rural Bank of Sagay (Camiguin), Inc. 26-May-87
283 Rural Bank of Salay (Misamis Oriental), Inc. 23-Feb-98
284 Rural Bank of Samal (Bataan), Inc. 05-Sep-91
285 Rural Bank of San Andres (Catanduanes), Inc. 06-May-98
286 Rural Bank of San Antonio (Nueva Ecija), Inc. 14-Dec-81
287 Rural Bank of San Carlos (Negros Occidental), Inc. 20-Sep-91
288 Rural Bank of San Clemente (Tarlac), Inc 15-Oct-87
289 Rural Bank of San Enrique (Negros Occidental), Inc. 06-Apr-99
290 Rural Bank of San Esteban (Ilocos Sur), Inc. 22-Aug-89
291 Rural Bank of San Fernando (La Union), Inc. 23-May-97
292 Rural Bank of San Francisco (Agusan del Sur), Inc. 17-Jan-89
293 Rural Bank of San Jacinto (Pangasinan), Inc. 11-Feb-00
294 Rural Bank of San Juan (La Union), Inc. 31-Oct-02
295 Rural Bank of San Leonardo (Nueva Ecija), Inc. 09-Jan-89
296 Rural Bank of San Manuel (Pangasinan), Inc. 13-Nov-86
297 Rural Bank of San Manuel (Tarlac), Inc. 16-Apr-99
298 Rural Bank of San Miguel (Bohol), Inc. 15-Sep-99
299 Rural Bank of San Miguel (Bulacan), Inc. 21-Jan-00
300 Rural Bank of San Narciso (Quezon), Inc. 02-Oct-01
301 Rural Bank of San Pascual (Batangas), Inc. 24-Jul-00
302 Rural Bank of San Pedro (Laguna), Inc. 13-Feb-85
303 Rural Bank of San Rafael (Iloilo), Inc. 02-Aug-85
304 Rural Bank of San Remigio (Antique), Inc. 01-Aug-85
305 Rural Bank of San Simon (Pampanga), Inc. 19-Jul-96
306 Rural Bank of San Teodoro (Mindoro), Inc.  First People's Bank 15-Sep-99
307 Rural Bank of San Vicente de Ferrer (Nueva Ecija), Inc. 12-Apr-96
308 Rural Bank of Santander (Cebu), Inc. 11-Sep-00
309 Rural Bank of Santiago (Agusan Del Norte), Inc. 19-Apr-96
310 Rural Bank of Santiago (Ilocos Sur), Inc. 30-Apr-99
311 Rural Bank of Sara (Iloilo), Inc. 5-Oct-94
312 Rural Bank of Sibutad (Zamboanga del Norte), Inc. 19-Aug-82
313 Rural Bank of Sinait (Ilocos Sur), Inc. 15-Jul-85
314 Rural Bank of Siniloan (Laguna), Inc. 17-Oct-85
315 Rural Bank of Sipalay (Negros Occidental), Inc. 17-Jun-80
316 Rural Bank of Sison (Pangasinan), Inc. 09-Nov-99
317 Rural Bank of Southern Cagayan (Tuguegarao), Inc. 24-Mar-86
318 Rural Bank of St. Bernard (Southern Leyte), Inc. 09-Jan-87
319 Rural Bank of Sta. Ana (Pampanga), Inc. 13-Nov-89
320 Rural Bank of Sta. Catalina (Ilocos Sur), Inc. 16-Jan-98
321 Rural Bank of Sta. Cruz (Davao del Sur), Inc. 13-Jul-81
322 Rural Bank of Sta. Cruz (Ilocos Sur), Inc. 05-Oct-99
323 Rural Bank of Sta. Cruz (Laguna), Inc. 07-Oct-85
324 Rural Bank of Sta. Cruz (Occidental Mindoro), Inc. 12-Feb-80
325 Rural Bank of Sta. Cruz (Zambales), Inc. 02-Dec-85
326 Rural Bank of Sta. Margarita (Western Samar), Inc. 05-Jun-98
327 Rural Bank of Sta. Maria (Davao del Sur), Inc. 24-Nov-80
328 Rural Bank of Sta. Maria (Laguna), Inc. 18-Feb-85
329 Rural Bank of Sta. Maria (Pangasinan), Inc. 10-Mar-95
330 Rural Bank of Sta. Teresita (Batangas), Inc. 27-Jul-99
331 Rural Bank of Sto. Domingo (Albay), Inc. 9-Jan-04
332 Rural Bank of Sto. Domingo (Ilocos Sur), Inc. 10-Oct-97
333 Rural Bank of Sto. Tomas (Pampanga), Inc. 12-Feb-81
334 Rural Bank of Sto. Tomas (Pangasinan), Inc. 09-Nov-99
335 Rural Bank of Sulat (Eastern Samar), Inc. 21-Sep-90
336 Rural Bank of Sulop (Davao del Sur), Inc. 21-Jul-81
337 Rural Bank of Surallah (South Cotabato), Inc. 09-Nov-98
338 Rural Bank of Tacloban (Leyte), Inc. 24-Feb-95
339 Rural Bank of Tago (Surigao Del Sur), Inc. 15-May-81
340 Rural Bank of Talavera (Nueva Ecija), Inc. 26-Jun-89
341 Rural Bank of Talisay (Camarines Norte), Inc. 06-Dec-90
342 Rural Bank of Tamparan (Lanao del Sur), Inc. 04-Nov-98
343 Rural Bank of Tanauan (Leyte), Inc. 12-Jan-87
344 Rural Bank of Tantangan (South Cotabato), Inc. 17-Jul-81
345 Rural Bank of Tapaz (Capiz), Inc. 06-Sep-88
346 Rural Bank of Taraka (Lanao del Sur), Inc. 04-Nov-98
347 Rural Bank of Tayasan (Negros Oriental), Inc. 13-Aug-97
348 Rural Bank of Taytay (Rizal), Inc. 17-Apr-85
349 Rural Bank of Tayug (Pangasinan), Inc. 08-Jul-69
350 Rural Bank of Tayum (Abra), Inc. 05-Oct-94
351 Rural Bank of the 21st Century (Bulacan), Inc. 19-Jan-06
352 Rural Bank of Tinambac (Camarines Sur), Inc. 12-Nov-01
353 Rural Bank of Titay (Zamboanga del Sur), Inc. 17-Jun-80
354 Rural Bank of Tiwi (Albay), Inc. 26-Feb-90
355 Rural Bank of Trinidad (Bohol), Inc. 18-Jun-80
356 Rural Bank of Tuao (Cagayan), Inc. 20-Jun-89
357 Rural Bank of Tuba (Benguet), Inc. 02-Nov-94
358 Rural Bank of Tubungan (Iloilo), Inc. 26-Jul-85
359 Rural Bank of Tugaya (Lanao del Sur), Inc. 04-Nov-98
360 Rural Bank of Tuguegarao (Cagayan), Inc. 03-Jun-77
361 Rural Bank of Tuy (Batangas), Inc. 17-Apr-00
362 Rural Bank of Umingan (Pangasinan), Inc. 04-Oct-89
363 Rural Bank of Urbiztondo (Pangasinan), Inc. 20-Nov-00
364 Rural Bank of Valderama (Antique), Inc. 26-Sep-84
365 Rural Bank of Valenzuela (Metro Manila), Inc. 28-Nov-84
366 Rural Bank of Victoria (Laguna), Inc. 17-May-02
367 Rural Bank of Villaba (Leyte), Inc. 15-Jun-98
368 Rural Bank of Villanueva (Misamis Oriental), Inc. 30-Oct-90
369 Rural Bank of Villasis (Pangasinan), Inc. 07-Feb-74
370 Rural Bank of Vintar (Ilocos Norte), Inc. 23-Apr-86
371 Rural Bank of Vinzons (Camarines norte), Inc. 07-Jan-05
372 Rural Bank of Zaragoza (Nueva Ecija), Inc. 10-Jan-83
373 Samahang Nayon Rural Bank of Malay (Aklan), Inc. 14-Dec-99
374 San Jose RB (Nueva Ecija), Inc. 07-May-87
375 San Nicolas Bank (Rural Bank of San Nicolas, Batangas), Inc. 10-Nov-05
376 Second RB of Villasis (Pangasinan), Inc. 15-Dec-01
377 Second Rural Bank of Antipolo (Rizal), Inc. 26-Sep-85
378 South Cotabato Cooperative Bank, Inc. 11-Jun-01
379 Sta. Clara Rural Bank of Pasay City, Inc. 04-Sep-84
380 Surigao City Rural Bank (Surigao del Norte), Inc. 26-Sep-85
381 Tabaco Rural Bank (Albay), Inc. 01-Apr-85
382 TG Bank (Rural Bank of San Pablo City, Inc.) 3-Oct-03


 
Under Receivership
 
  Bank Name
 Closure Date
Rural Banks
1 Cooperative Rural Bank of Misamis Occidental, Inc. 24-Feb-03
2 Merchant Rural Bank of Talavera, Inc. 26-Jan-06
3 Rural Bank of Catbalogan (Eastern Samar), Inc. 17-Jun-02
4 Rural Bank of Tangalan (Aklan), Inc. 27-Jan-06
5 Rural Bank of Zamboanguita (Negros Oriental), Inc. 6-Jan-06
6 The Center Rural Bank (Metro Manila), Inc. 23-Feb-06
7 Urduja Rural Bank of Tayug (Pangasinan), Inc. 3-Feb-06
Title: Re: PDIC Coverage
Post by: carlo on Mar 20, 2007, 07:11 AM
Is there a way to find out is a bank is going into receivership PA LANG? Not that I am spreading any rumors, but we invested into AMA bank's double your money, that will mature in 2010 pa. A friend of mine does some consultancy for a department there. Recently, the person he is dealing with said to pull out any investments he has there. He shared with me this information in confidentiality, knowing about my investments there. We placed up to PDIC coverage, but the hassle of getting our money back after, God forbid, the bank folds up, is such an unpleasant thought. Has anybody heard of this rumor? I'd like to keep our money there, but please let me know if there is a problem with the bank.
Title: Re: PDIC Coverage
Post by: tacamonchi on Mar 20, 2007, 07:53 AM
BSP is now stricter in its supervision of banks, including rural banks.  However, the only way to know if a bank is in trouble is through inside information=- from someone working in the BSP or in the bank itself.  If you could milk more info from your friend who pulled out his deposits from AMA banks, then you could make a better decision what to do with your own deposits there.  Should you find out more, please share in this thread.
Title: Re: PDIC Coverage
Post by: AMARANTH on Mar 21, 2007, 03:19 PM
carlo,

i hope your double your money product gives out monthly interest otherwise if it is not then presuming you had park there for 3 years then you had wasted three years without interest because pdic will not pay you the interest just the insured amount.
Title: Re: PDIC Coverage
Post by: investorsportal on Mar 21, 2007, 08:43 PM
@Amaranth, Thank you for your diligence in posting yung mga banks under liquidation and receivership, it strengthen my belief in Legacy Group of Banks.  Not one of those mentioned by the "Prof" appeared in the list.

Title: Re: PDIC Coverage
Post by: Interested on Mar 22, 2007, 09:18 AM
Under Receivership
 Bank Name
 Closure Date
Rural Banks

6 The Center Rural Bank (Metro Manila), Inc. 23-Feb-06


If my information, gleaned from hunting around various forums, is correct, one of the 12 Legacy Group-controlled rural banks is under receivership, as above (in Muntinlupa). Does being under receivership specifically mean that PDIC (or who?) is liquidating assets to process all claims? Also, one wonders what would it take to rehabilitate this bank, or was it already a basket case when it was acquired?
Title: Re: PDIC Coverage
Post by: mdejess on Apr 03, 2007, 05:40 AM

Read this question/answer from the website of the PDIC:

Quote


Q. What specific risks to a bank does PDIC cover?

A. PDIC covers only the risk of bank closure ordered by the Monetary Board. Thus, bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war, are not covered by PDIC.
 
http://www.pdic.gov.ph/faq.asp



How and when does the Monetary Board if ever close a bank in trouble from the above mentioned events?

Suppose the top officers of a bank run away with the money and hide abroad in a country with no extradition treaty with the Philippines?


mdejess
Title: Re: PDIC Coverage
Post by: mdejess on Apr 03, 2007, 09:31 AM

@Amaranth, Thank you for your diligence in posting yung mga banks under liquidation and receivership, it strengthen my belief in Legacy Group of Banks.  Not one of those mentioned by the "Prof" appeared in the list.




Forgive me, I am very new here.



Just give us here the list of the banks connected with the Legacy Group.

And also people who have made money from monthly interest earned from the scheme of 20% per annum, tax free, risks free, etc., their names and addresses and telephone numbers.


mdejess
Title: Re: PDIC Coverage
Post by: nailbiter on Apr 03, 2007, 11:42 AM
mdejess, being that you're new, let me remind you to please keep on-topic. This is a discussion thread regarding the PDIC. Please do not make redundant posts, you've already posted your question on another thread and reposted the same as a new topic. If you wish to address a direct question to investorsportal, you can use the PM function.

Comment lang: While it's understandable that we do want proof that these bank products are legit, I don't think any of us are entitled to a list of names, addresses and phone numbers of depositors.
Title: Re: PDIC Coverage
Post by: mdejess on Apr 03, 2007, 08:15 PM
I apologize.

mdejess
Title: Re: PDIC Coverage
Post by: nailbiter on Apr 05, 2007, 11:03 AM
Question: Incidents such as fire and theft are not covered by the PDIC. Is anyone aware of a bank/branch that closed for such reasons? Does the bank itself not offer any redress to depositors in such cases? Any precedent DOF, BSP or judicial rulings that apply?
Title: Re: PDIC Coverage
Post by: salingpusa on Apr 05, 2007, 11:19 AM
The best source to get your answer is to ask directly PDIC about it. Send an email to them and you will be answered. They answer inquiries although you have to send follow-up emails to be able to get the answers that you want.. sometimes people are in a hurry and they do not provide everything you want to know. I find it effective to number my questions. So when they answer, it is always based on my numbering and if not, I always send back my email and remind them the questions which are not yet answered providing them the number.  :thumbsup2
Title: Re: PDIC Coverage
Post by: nailbiter on Apr 05, 2007, 11:43 AM
I already did. The query I sent via e-mail: 'According to the FAQ on your website, losses due to theft, fire and closure by strike are not covered by PDIC. Will depositors have any redress to recover their deposits in case any of these circumstances occur?'

This is all they had to say:

From:   "DAB"
Date:    Tue, 27 Mar 2007 11:14:47 +0800

Hi! Good day!
 
    PDIC covers only the risk of bank closure ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas. Thus, bank losses due to theft, fire are not covered by PDIC.
 
    Thank you for entrusting your concern with the PDIC. Please feel free to email us or call
us at 841-4631/841-4630 should you have other concerns.
 
 
Very truly yours,
 
DEPOSITORS ASSISTANCE BUREAU



It wasn't very helpful, salingpusa. :) Anyway, it seems those cases are really out of their hands. So what I want to know is whether there have been precedents wherein the bank itself covered these losses or were ordered to cover these losses by regulatory agencies or by the courts.
Title: Re: PDIC Coverage
Post by: salingpusa on Apr 05, 2007, 12:22 PM

.. So what I want to know is whether there have been precedents wherein the bank itself covered these losses or were ordered to cover these losses by regulatory agencies or by the courts.

Precisely this is what you should do.. keep on getting the answer that you want by rephrasing your requests because sometimes our questions are vague or the respondent does not know what answer you want...For my other concerns, I e-mailed them and we had more than 5 e-mail exchanges and even told them that I need an explanation which must be simple without technical or legal terms which will suit my level of intelligence (parang telling them that they are very smart for their ego so they must understand us dumb people)  before I finally got the information and clarification I wanted.  :hihi: It worked and finally I got what I wanted  :yahoo:
Title: Re: PDIC Coverage
Post by: nailbiter on Apr 05, 2007, 12:30 PM
Sige, subukan ko rin daanin sa kulit. :hihi: I don't expect much, though, since di na nga nila sagot yon. Anyway, baka may nakakaalam din sa mga magagawi sa thread na 'to, the information would be helpful to all readers. :)
Title: Re: PDIC Coverage
Post by: mdejess on Apr 05, 2007, 01:10 PM

I already did. The query I sent via e-mail: 'According to the FAQ on your website, losses due to theft, fire and closure by strike are not covered by PDIC. Will depositors have any redress to recover their deposits in case any of these circumstances occur?'

This is all they had to say:

From:   "DAB"
Date:    Tue, 27 Mar 2007 11:14:47 +0800

Hi! Good day!
 
    PDIC covers only the risk of bank closure ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas. Thus, bank losses due to theft, fire are not covered by PDIC.
 
    Thank you for entrusting your concern with the PDIC. Please feel free to email us or call
us at 841-4631/841-4630 should you have other concerns.
 
 
Very truly yours,
 
DEPOSITORS ASSISTANCE BUREAU



It wasn't very helpful, salingpusa. :) Anyway, it seems those cases are really out of their hands. So what I want to know is whether there have been precedents wherein the bank itself covered these losses or were ordered to cover these losses by regulatory agencies or by the courts.



That is also my experience in dealing with people who are working for a salary, they do the least laborious or most easy thing they can resort to, namely, just give you the answer they can pick up from their manuals or whatever. No, they are not stupid but lazy. Anyway, they get paid every fifteen days, whether you get your answers as the answers should be pertinently useful or not.

They prefer to play dumb. And when you complain to their superiors, the superiors will also adopt the same nonchalant attitude, they will tell you to execute an affidavit, etc., when they can simply assure you that they are conducting a discreet quiet investigation or even just observation and report back to you.

You find this kind of behavior with salaried people anywhere specially in the Philippines.


If you ask an inventor how his contraption can be useful, you will see how eloquent and expansively intellignet he is to answer your question to the last details as to convinice you if you are possessed of a working brain that his invention is useful to mankind.

See the difference?


mdejess
Title: Re: PDIC Coverage
Post by: Bitster on Apr 05, 2007, 05:43 PM
Hi there,

I do realise that some Banks, especially Rural Banks etc, do get declared closed by BSP, then passed over to PDIC to handle the Claims proceedure.

I am just wondering if anyone done the Math -  


How many Rural Banks total are members of BSP/PDIC?  [

http://www.pdic.gov.ph/database/memberbanks/current/searchmembanks.asp
746?

How many Rural Banks total in a given Year get declared closed and require payment under the PDIC?
1961-79 = 9 total
1980 = 19 total
1981 = 25 total
1982 = 5 total
1983 = 7 total
1984 = 5 total
1985 = 33 total
1986 = 24 total
1987 = 25 total
1988 = 6 total
1989 = 18 total
1990 = 20 total
1991 = 9 total
1992 = 0 total
1993 = 5 total
1994 = 15 total
1995 = 8 total
1996 = 6 total
1997 = 13 total
1998 = 33 total
1999 = 31 total
2000 = 19 total
2001 = 18 total
2002 = 10 total
2003 = 9 total
2004 = 2 total
2005 = 7 total

Now whats that as a percentage of the Total in each given year?

To keep the Math simple - assume 746 Banks?
In practice 382 Banks closed, and thus not part of that 746 total closed pressumably.  
But since I don't know what year these closed Banks started, it may not be very accurate, to just add the 382 to the 746, then reduce this by amount closed each year?
.  

The real answer will p[robably be between the max, and the (min) figures?

1961-79 = 1.21% max (0.8% min) over 18 years?

1980 = 2.55%       (1.73%)
1981 = 3.35%   (2.33%)
1982 = 0.67%   (0.47%)
1983 = 0.94%   (0.66%)
1984 = 0.67%   (0.47%)
1985 = 4.42%   (3.22%)
1986 = 3.22%   (2.40%)
1987 = 3.35%   (2.56%)   
1988 = 0.80%   (0.62%)
1989 = 2.41%   (1.89%)
1990 = 2.68%   (2.15%)
1991 = 1.21%   (0.98%)
1992 = 0
1993 = 0.67%   (0.54%)   
1994 = 2.01%   (1.66%)   
1995 = 1.07%       (0.89%)
1996 = 0.80%   (0.67%)   
1997 = 1.74%   (1.48%)
1998 = 4.42%   (3.91%)      
1999 = 4.16%   (3.82%)      
2000 = 2.55%   (2.40%)   
2001 = 2.41%   (2.32%)   
2002 = 1.34%   (1.31%)
2003 = 1.21%       (1.19%)
2004 = 0.27%   (0.27%)   
2005 = 0.94%   (0.94%)

Worst case scenario is 4.42% (3.91%) of Rural Banks closed in 1 year.

David
Title: Re: PDIC Coverage
Post by: mdejess on Apr 06, 2007, 07:15 AM
That is the trouble with the 20% interest offered by rural banks and also any bank for that matter: when the bank stops paying you your monthly interest and the only recourse you have is to go to court, and the only defense or excuse they have is because they are having a difficult pass and you just have to wait until this difficult pass is over.

Then you ask to get your principal back even with paying the penalty, but they also tell you that they can't because they have no money owing to the difficult pass. So you go to court again.

Will the Monetary Board and when close the bank so that the PDIC will compensate you up to 250,000? But if the Monetary Board should find out that the bank concerned can't pay its cash obligations owing to theft, then it will never close that bank....?!?!?!$%$##())*%#!%&()__(*& !@+_)(*&^%$#@!~"?{}"_**

 Remember we are the most corrupt country in Asia -- hahahaha.


Seriously now, go to court, up to the Supreme Court, and hope to get some action from the courts before you die.


mdejess
Title: Re: PDIC Coverage
Post by: Bitster on Apr 12, 2007, 12:15 PM
Please excuse my ignorance, but I am just a foreigner, married to a Filipina, and have a permanent residence visa; I don't have any experience with Banks not honouring the CTD they issued.

If any Bank that I placed a Deposit with, did not pay the Interest due, under their 'contracted' obligation, I would contact my 'Agent' in the first instance, if I had used one to 'facilitate' my placing such Time Deposit.  This is what I did when Interest payment was a day or two late.  The Agent contacted the Bank, and the payment was done that day.  This is where the usefullness of using such an 'Agent' comes in.

If it was not resolved at that first level by the Agent, I would go into the Bank personally to ask why the payment had not been made on the date as shown in the schedule (in my experience the Rural Bank issues a schedule showing the day/date each month that the interest payments, and the amount, will/should be paid for the 60 months).

I would listen to their explanation and if reasonable, that would be the end of it hopefully.  

If I still did not receive the Interest payment due, within a week, I would send them a written letter, demanding an explanation why they had not met their contractual obligation to pay my Interest on the due date. I may well include something about financial compensation for late payment also.

If this still did not produce any satisfactory conclusion, I would then involve an Attorney to write to this Bank, threatening legal action if not resolved.  I would also copy such letter from the Attorney, to Banko Sentral ng Pilipinas and PDIC.

Well that's the sort of think I would do in my own Country,to try and resolve such problem. However I bow down to the Members here with better experience.  

Does anyone actually have any experience with a Bank, any Bank, NOT paying the Interest due?  If so how was it resolved, if indeed it did get resolved?  Did it require escalation to a law suite being issued or something - I would like to think it would never need to go that far?

As I said, in my experience with Interest payment being just a day or two late, it was sorted, quickly and easily, and payment made no problem.





That is the trouble with the 20% interest offered by rural banks and also any bank for that matter: when the bank stops paying you your monthly interest and the only recourse you have is to go to court, and the only defense or excuse they have is because they are having a difficult pass and you just have to wait until this difficult pass is over.

........
mdejess
Title: Re: PDIC Coverage
Post by: Interested on Apr 12, 2007, 01:55 PM
Does anyone actually have any experience with a Bank, any Bank, NOT paying the Interest due?  If so how was it resolved, if indeed it did get resolved?  Did it require escalation to a law suite being issued or something - I would like to think it would never need to go that far?

As I said, in my experience with Interest payment being just a day or two late, it was sorted, quickly and easily, and payment made no problem.

Yes, I've had this experience, and a single calm phone call to the officer in BP who helped me with my original CTD placements has probably fixed the interest payment tardiness. To illustrate what I found out over the phone, the first two interest payments (due in Nov and Dec 2006) were made in early January 2007, and the third interest payment due in January was made in early February 2007.  No reason was asked for or given, but subsequent documentary evidence confirms that BP was sending a messenger to deposit the interest manually in the bank in which I had opened my CTD interest recipient account. After I reminded them that they need to pay out the interest on time every month in future, the fourth interest payment due in February 2007 was made on time. So far so good, but I don't know about the March payment because I cannot personally check the CTD interest recipient account online. In any case, the best course of action is to keep it friendly and, in my case, I let them know that I needed their interest payments to be made on time all the time so that the checks which I write do not bounce. The BP bank officer got my point this time - but like any other "investment," it pays to remain vigilant. :thumbsup2
Title: Re: PDIC Coverage
Post by: AMARANTH on Apr 12, 2007, 02:46 PM
april 10, 2007 (philippine star)

BANKER GETS 40 YEARS FOR MISUSE OF BANK FUNDS

by des ferriols


A former banker was convicted of four counts of estafa and sentenced 40 years in prison for misusing bank funds, including a 12.6 million emergency loan form bangko sentral ng pilipinas.

found guilty was hilario soriano, former president of RURAL BANK OF SAN MIGUEL (RBSM) who was caught off siphoning bank funds to his personal company, soriano holding corp.

court records show that soriano misappropriated P21million in RBSM funds, making unauthorized transfers to his holding company, supposedly for investment purposes.

soriano had apparently ordered his employees to terminate RBSM deposits and take all the cash from various RBSM branches, which were then used to purchase managers checks payable to his holding company.

When depositors started withdrawing their money from the bank , RBSM suffered heavy withdrawals and went to the BSP for emergency loans to fund the withdrawals.

According to the records of the case, however, the proceeds of the loan were delivered to sorianos house instead.

In its decision, the regional trial court of bulacan said soriano offered only denials with no supporting evidencethat the fund were use for their original intended purpose.

Judge basilio gabo jr said the money was never returned to RBSM before the bank declared a bank holiday on jan 5, 2000 and neither was it used to fund heavy withdrawals of depositors.

"defense merely involved the denial that 12.6million emergency loan granted by the BSP was entirely used for personal gain of the accused," gabo said.

"the defense of soriano consisted of hazy denails that do not merit any consideration before this court of law against the clear, straight forward and unshken testimony of prosecution witnesses."

each count of estafa, soriano was sentenced to a prison term ranging from 10 to 14 years or a total of 40 to 59 years imprisonment.

Soriano was also ordered to indemnify the BSP the amount of 12.6million and the philippine deposit insurance corp in the amount of 21 million.

There are still seven pending cases of estafa through falstification against soriano before different salas of the bulacan RTC, also involving RBSM.

Soriano is also facing other cases in batangas an baliuag involving his other closed rural bank, THE FIRST COCONUT RURAL BANK   in batabgas province.

_____________________________________________________________

Well what i want to know is what happened to the depositors? were they paid? or if we have to see the rules of pdic that "theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war." are not grounds for pdic to pay depositors which is why soriano was told to indemnify them (meaning i think, is that they don't have any obligation to pay depositors the insurance premium)
Title: Re: PDIC Coverage
Post by: salingpusa on Apr 12, 2007, 03:34 PM
This might answer your questions regarding the First Coconut Rural Bank of Batangas:  :yehey:
===============================================================
NOTICE TO THE DEPOSITORS OF THE CLOSED
FIRST COCONUT RURAL BANK, INC.
1.       Pursuant to Monetary Board Resolution No. 950 dated July 27, 2006 ordering the closure of the First Coconut Rural Bank, Inc. (FCRBI), the Philippine Deposit Insurance Corporation (PDIC) will start its operations for the servicing of claims for insured deposits in the closed FCRBI on Wednesday, August 2, 2006.  
2.   Depositors are requested to proceed directly to the premises of FCRBI at P. Burgos St., Batangas City, Batangas, (CALABARZON) where they can file their claims with the PDIC representatives from August 2, 2006 to August 11, 2006 during office hours (8:00 A.M. to 5:00 P.M.), Monday to Friday, except holidays,
After the said date, all depositors can file their claims personally at the PDIC Claims Counter, 6th Floor, SSS BLDG, Ayala Avenue corner V.A. Rufino St., Makati City from Monday to Friday, 8:00 A.M. to 5:00 P.M. or by mail to:
                                                The Manager
                                                Claims Processing Department
                                                Philippine Deposit Insurance Corporation
                                                2228 Chino Roces Avenue
                                                1231 Makati City
3.       Depositors are advised to present the following requirements to the PDIC representatives when filing their claims:
     a.       Original evidence of deposit such as Savings Passbook, Certificate of Time Deposit, or Bank    Statement including Unused Checks.
     b.       Two (2) latest identification cards/documents (IDs) with depositor’s signature.
    Other documents may be required by the PDIC representatives in the course of their processing of claims filed.
4.       Pursuant to the provisions of R.A. 3591, as amended by R.A. 9302, the last day for filing claims for insured deposits in the closed First Coconut Rural Bank, Inc. is on July 28, 2008.  After July 28, 2008, PDIC, as insurer, shall no longer accept any claim for insured deposits maintained with the said closed bank.

 
 
Title: Re: PDIC Coverage
Post by: AMARANTH on Apr 14, 2007, 01:32 PM
So even depositors from RURAL BANK OF SANMIGUEL will still receive insurance premium then even if bank closure was due to estafa cases?
Title: Re: PDIC Coverage
Post by: salingpusa on Apr 15, 2007, 06:04 PM
Yes and this has been resolved! Check PDIC website and specifically this article: http://www.pdic.gov.ph/csic/SC_dismisses_libelsuit_vs_NCN.asp
Title: Re: PDIC Coverage
Post by: tacamonchi on Apr 24, 2007, 08:00 PM
State deposit insurer Philippine Deposit Insurance Corporation (PDIC) was ranked No. 2 among the best-governed government financial institutions (GFIs)/government-owned and controlled corporations (GOCCs) in the country by the Institute of Corporate Directors (ICD).  This assessment was based on the corporate governance scorecard, a rating system developed by the ICD. The PDIC along with other government firms, Development Bank of the Philippines, Philippine Export-Import Credit Agency and Land Bank of the Philippines, scored highest in practicing the principles of good corporate governance among the 31 GOCCs and GFIs, known globally as most significant state-owned enterprises (SOEs), included in the ICD initiative. These state firms, according to ICD, represented the most important segment of the Philippine SOE sector.

The ICD is a non-governmental organization that conducts training and advocacy work for corporate governance and corporate social responsibility. It is also part of an extensive network of similar organizations in the region and provides study sessions, professional seminars and facilitation work on corporate governance. ICD worked with the Office of the President, Department of Finance, and the Institute of Internal Auditors of the Philippines on their scorecard initiative. The British Embassy provided a grant to enable the ICD to undertake the pioneering activity.

PDIC Officer-in-Charge and Executive Vice President Imelda S. Singzon said that the high ranking recognizes PDIC’s adherence to the principles of good corporate governance in its operations. She added that PDIC will strive to maintain the highest levels of corporate governance and continue to improve public service delivery. For the past several years, the turnaround time from bank closure by the Monetary Board to the start of payout operations had been maintained at less than ten days. Singzon also underscored the Corporation’s commitment to exemplary public service by continuously undertaking business process improvements.

Note: italics are mine
Title: Re: PDIC Coverage
Post by: mdejess on Apr 25, 2007, 07:16 AM
Just in case anyone has not read this thread from the beginning, here are the important materials to my mind, reproduced courtesy of yours truly, mdejess.

Quote
Quote
From Amaranth:
http://www.pinoymoneytalk.com/forum/index.php?action=post;quote=84267;topic=5318.15;num_replies=45;sesc=89c0105330486c8b021199268c111cad


[li]What specific risks to a bank does PDIC cover?

PDIC covers only the risk of bank closure ordered by the Monetary Board. Thus, bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war, are not covered by PDIC.[/li]





Question: Incidents such as fire and theft are not covered by the PDIC. Is anyone aware of a bank/branch that closed for such reasons? Does the bank itself not offer any redress to depositors in such cases? Any precedent DOF, BSP or judicial rulings that apply?



Quote
From the reference of Salingpusa,
 http://www.pinoymoneytalk.com/forum/index.php?action=post;quote=87293;topic=5318.30;num_replies=45;sesc=89c0105330486c8b021199268c111cad

[li]http://www.pdic.gov.ph/csic/SC_dismisses_libelsuit_vs_NCN.htm


Hilario P. Soriano vs. Norberto Nazareno (For Libel)
I.S. No. 01H-32904; CA G.R. SP No. 75624; G.R. No. 161033 (SC)
 

SC Dismisses with Finality Libel Charges vs. Former PDIC PCEO


The Supreme Court issued on May 5, 2004 a Resolution denying with finality the motion for reconsideration of the earlier dismissal/denial of the petition for review in G.R. No. 161033 filed by Hilario P. Soriano.

Hilario P. Soriano was the President of the Rural Bank of San Miguel (RBSM), which the Monetary Board, in Resolution No. 105 dated January 21, 2000, ordered closed, as follows:
 
 
            “On the basis of the comptrollership/monitoring report as of October 31, 1999 as reported by Mr. Wilfredo B. Domo-ong, Director, Department of Rural Banks, in his memorandum dated January 20, 2000, which report showed that the Rural Bank of San Miguel (Bulacan), Inc. (a) is unable to pay its liabilities as they become due in the ordinary course of business; (b) cannot continue in business without involving probable losses to its depositors and creditors; that the management of the bank had been accordingly informed of the need to infuse additional capital to place the bank in a solvent financial condition and was given adequate time within which to make the required infusion and that no infusion of adequate fresh capital was made, the Board decided as follows:
 
 
          1.             To prohibit the bank from doing business in the Philippines and to place its assets and affairs under receivership in accordance with Section 30 of R.A. No. 7653;
 
 
          2.             To designate the Philippine Deposit Insurance Corporation as receiver of the bank.”[/li]





Hope everyone starting with mdejess can rest more assured with the 20% interest rates, etc., of some rural banks.

If however you don't feel safe, then you can buy safety in a way by not earning those big big interests of some rural banks. That is the price of luxury.


mdejess
Title: Re: PDIC Coverage
Post by: nailbiter on Apr 25, 2007, 09:10 AM

So even depositors from RURAL BANK OF SANMIGUEL will still receive insurance premium then even if bank closure was due to estafa cases?


Per the Revised Penal Code, estafa is different from theft. Estafa was committed here by management, therefore it is the fault of the bank.

This is how it was explained in another forum:

Quote
PDIC insures deposits of banks which are ordered closed by the Monetary Board. Grounds for closure are specified in the New Central Bank Act and most of those have to do with actions which are the fault of the bank (management).

PDIC does not cover "bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war." These are reasons which are not the fault of the bank.
Title: Re: PDIC Coverage
Post by: dwin on Apr 25, 2007, 10:32 AM
I had this friend from a thrift bank who once told me banks don't keep much cash in the vaults, precisely because of the possibility of fire or theft. They keep it at a max of 1M or less. I’m sure they’re also aware of this PDIC policy, hence this practice. Also, the instruction of their superiors was, in case of robberies, just do what the crook wants, that is, open the vault and give the money for safety is foremost in their minds.

What is 1M to them? I think this is just miniscule and manageable to them that’s why they set this amount.

There will always be bank robberies. I would like to think, after so much news and facts about this, the banks would have already devised methods and plans to try to get around this.

Can anyone verify this (1M in the vault) or any fail-safe plans these banks have?
Title: Re: PDIC Coverage
Post by: francesca on Apr 25, 2007, 10:35 AM
Additional question, don't they have a separate insurance for fire and theft or those not covered by PDIC?
Title: Re: PDIC Coverage
Post by: dwin on Apr 25, 2007, 11:39 AM
Mabilis naman pla response time ng Monetary Board sa pag-declare ng “closure” ng isang bank, starting from the actual date of declaration of bank holiday, thus, swift payout from PDIC.

Please note the red marks. Pampalakas ng loob hehe!   :hihi:


april 10, 2007 (philippine star)

BANKER GETS 40 YEARS FOR MISUSE OF BANK FUNDS

by des ferriols


A former banker was convicted of four counts of estafa and sentenced 40 years in prison for misusing bank funds, including a 12.6 million emergency loan form bangko sentral ng pilipinas.

found guilty was hilario soriano, former president of RURAL BANK OF SAN MIGUEL (RBSM) who was caught off siphoning bank funds to his personal company, soriano holding corp.

court records show that soriano misappropriated P21million in RBSM funds, making unauthorized transfers to his holding company, supposedly for investment purposes.

soriano had apparently ordered his employees to terminate RBSM deposits and take all the cash from various RBSM branches, which were then used to purchase managers checks payable to his holding company.

When depositors started withdrawing their money from the bank , RBSM suffered heavy withdrawals and went to the BSP for emergency loans to fund the withdrawals.

According to the records of the case, however, the proceeds of the loan were delivered to sorianos house instead.

In its decision, the regional trial court of bulacan said soriano offered only denials with no supporting evidencethat the fund were use for their original intended purpose.

Judge basilio gabo jr said the money was never returned to RBSM before the bank declared a bank holiday on jan 5, 2000  and neither was it used to fund heavy withdrawals of depositors.

"defense merely involved the denial that 12.6million emergency loan granted by the BSP was entirely used for personal gain of the accused," gabo said.

...





From the page (http://www.pdic.gov.ph/csic/SC_dismisses_libelsuit_vs_NCN.htm) referred by saling pusa:

The Supreme Court issued on May 5, 2004 a Resolution denying with finality the motion for reconsideration of the earlier dismissal/denial of the petition for review in G.R. No. 161033 filed by Hilario P. Soriano.

Hilario P. Soriano was the President of the Rural Bank of San Miguel (RBSM), which the Monetary Board, in Resolution No. 105 dated January 21, 2000, ordered closed, as follows:
  
            “On the basis of the comptrollership/monitoring report as of October 31, 1999 as reported by Mr. Wilfredo B. Domo-ong, Director, Department of Rural Banks, in his memorandum dated January 20, 2000, which report showed that the Rural Bank of San Miguel (Bulacan), Inc. (a) is unable to pay its liabilities as they become due in the ordinary course of business; (b) cannot continue in business without involving probable losses to its depositors and creditors; that the management of the bank had been accordingly informed of the need to infuse additional capital to place the bank in a solvent financial condition and was given adequate time within which to make the required infusion and that no infusion of adequate fresh capital was made, the Board decided as follows:
  
 
          1.             To prohibit the bank from doing business in the Philippines and to place its assets and affairs under receivership in accordance with Section 30 of R.A. No. 7653;
  
 
          2.             To designate the Philippine Deposit Insurance Corporation as receiver of the bank.


...
Title: Re: PDIC Coverage
Post by: mdejess on Apr 26, 2007, 08:17 AM



...due to theft, fire, closure by reason of strike or existence of public disorder...

On the above events, I would like to think that the Monetary Board will eventually close the bank so that the PDIC will start paying depositors up to 250,000 maximum compensation -- not because of those exact events, but owing to the situation resulting if it does result that the bank concerned can no longer meet withdrawals from depositors.


...revolution or civil war...

If there are still a Monetary Board and a PDIC intact or restored after the revolution or civil war, then I would like to believe that the Monetary Board will declare a bank closed and the PDIC will start paying depositors, if the bank concerned cannot anymore meet the withdrawals of clients owing to the disturbances of the revolution or civil war.


Do we have any jurisprudence on that question anywhere in the banking world on earth?


mdejess
Title: Re: PDIC Coverage
Post by: Bitster on Apr 26, 2007, 09:17 PM
Sice this message Thread is about PDIC Coverage, I will do a copy and paste of part of my message under Legacy Group Rural Banks

So hopefully I have understood it correctly, and to test this, I would summise that a married couple, with 2 Children, could place Deposits of Php250K maximum x 8, and all Deposits be fully Insured by the PDIC:-

Dep#  Account   Product        Depositor(s)                                            DEPOSIT
1        Single      5 Year SSD   Guy                                                 Php250,000
2        Single      5 Year SSD   Wife                                                Php250,000
3        Single      5 Year SSD   Guy ITF Child1                                   Php250,000
4        Single      5 Year SSD   Wife ITF Child2                                  Php250,000
5        Joint        5 Year SSD   Guy and/or Wife                                Php250,000
6        Joint        5 Year SSD   Guy and/or Wife ITF Child1                  Php250,000
7        Joint        5 Year SSD   Wife and/or Guy ITF Child2                  Php250,000
8        Joint        5 Year SSD   Guy ITF Child1 and/or Wife ITF Child2    Php250,000
                                                                  TOTAL DEPOSITED  Php2,000,000

If anyone thinks I made a mistake here, I would appreciate an explanation as to where and why?

OK so here is another one:-

Dep#  Account   Product        Depositor(s)                                            DEPOSIT
1        Single      5 Year SSD   Guy                                                 Php250,000
2        Single      5 Year SSD   Wife                                                Php250,000
3        Joint        5 Year SSD   Guy and/or Wife                                Php250,000
4        Joint        5 Year SSD   Wife and/or Guy                                Php250,000

                                                                  TOTAL DEPOSITED  Php1,000,000

Now before someone goes saying you can't have 2 Joint accounts in the same name, do check the PDIC website

Joint Account
Case 3: How much is the insurance coverage if Guy, and Wife have the following accounts in the closed IJKL Bank?

Account Holder/s                   Balance
Acct #1 Guy & Wife              P 250,000    (shared P 125,000 each)
Acct #2 Wife &/or Guy          P 250,000    (shared P 125,000 each)
           
 
Guy                   Insured Share    Uninsured Deposits    
Acct #1                 P 125,000           P    0  
Acct #2                    125,000                0  
                                                   P     0  
     Total deposits    P 250,000  
     Insured deposits    250,000
       
 
Wife                 Insured Share    Uninsured Deposits    
Acct #1                 P 125,000          P     0  
Acct #2                    125,000                0  
                                                   P     0  
     Total deposits    P 250,000  
     Insured deposits    250,000

How does this 'really' differ from example on PDIC Cases Of Illustrated Deposit webpage?

http://www.pdic.gov.ph/coid.asp



Joint Account
Case 3: How much is the insurance coverage if Karla, Karen and Kyla Reyes have the following accounts in the closed IJKL Bank?

Account Holder/s                   Balance
Acct #1 Karen & Kyla Reyes        P 400,000
Acct #2 Karla &/or Karen Reyes   P 650,000
           
 
Karen Reyes    Insured Share    Uninsured Deposits    
Acct #1                 P 125,000          P  75,000  
Acct #2                    125,000           200,000  
                                                  P 275,000  
     Total deposits    P 250,000  
     Insured deposits    250,000
       
 
Karla Reyes    Insured Share    Uninsured Deposits    
Acct #2                    125,000            200,000  
                       
     Total deposits    P 125,000  
     Insured deposits    125,000

Kyla Reyes      Insured Share    Uninsured Deposits    
Acct #1                    125,000              75,000  
                       
     Total deposits    P 125,000  
     Insured deposits    125,000




Title: Re: PDIC Coverage
Post by: nailbiter on Apr 27, 2007, 08:47 AM

How does this 'really' differ from example on PDIC Cases Of Illustrated Deposit webpage?


Read it again, Bitster. The Case 3 Joint Account is an illustration for THREE individuals, Karen, Kyla and Karla Reyes.
Title: Re: PDIC Coverage
Post by: mdejess on Apr 27, 2007, 08:57 AM
Allow me the pleasure of commending you, Bitster, for the time and labor you put in to explain the 20% interest offered by the rural banks under the Legacy Finance Group.

Would you know the parties and establishments which coalesced into the Legacy Finance Group, and their previous business affiliations?

==================

More on when PDIC will pay depositors of insolvent bank closed by the Monetary Board.

As I know from stock common sense, such a kind of government body like the PDIC must be funded by both some seed money from the government and also from contributions by participating banks.

Now, continuing from my stock common sense, before a participating bank will enjoy coverage by enrollment in the PDIC, I imagine it must have contributed funds for some period of its operation.

Meaning until a bank has contributed so much for the required period of enrollment, then if it is closed down by the Monetary Board, the depositors of the insolvent bank cannot get reimbursement from the hapless bank.


Tell me if I am wrong.


mdejess
Title: Re: PDIC Coverage
Post by: nailbiter on Apr 27, 2007, 09:11 AM
@mdejess, your same question to Bitster re: Legacy has been moved to the Legacy banks thread. Bitster, please respond to mdejess on the said thread so as not to go off-topic.

On your last point, mdejess, this was already previously discussed in the thread. For your reference:




R.A. No. 3591, as amended
An Act Establishing the Philippine Deposit Insurance Corporation, Defining its Powers and Duties and for Other Purposes

Deposit Insurance Coverage
Sec. 5. The deposit liabilities of any bank or banking institution, which is engaged in the business of receiving deposits as herein defined on the effective date of this Act, or which thereafter may engage in the business of receiving deposits, shall be insured with the Corporation. (As amended by R.A. 6037, 04 August 1969; Renumbered from Sec. 4 by R.A. 9302, 12 August 2004)

Assessment of Member Banks
Sec. 6. (h) The Corporation shall not terminate the insured status of any bank which continues to operate or receive deposits. Should any insured bank fail or refuse to pay any assessment required to be paid by such bank under any provision of this Act, and should the bank not correct such failure or refusal within thirty (30) days after written notice has been given by the Corporation to an officer of the bank citing this subsection, and stating that the bank has failed or refused to pay as required by the law, the Corporation may, at its discretion, file a case for collection before the appropriate court without prejudice to the imposition of administrative sanctions allowed under the provisions of this Law on the bank officials responsible for the non-payment of assessment fees. (As amended by R.A. 9302, 12 August 2004)




This was further clarified on the PDIC FAQ from their webpage:

Are all banks members of PDIC?

Membership of banks to PDIC is mandatory, hence, all operating banks are members of PDIC. Under the new law, PDIC's power to terminate insured status of banks has been revoked.
Title: Re: PDIC Coverage
Post by: mdejess on Apr 27, 2007, 09:35 AM
Thanks, Nailbiter, for your forbearance. I will look up the references and links you provided.


And I want to say that I have really learned from this web forum on how to manage idle funds which otherwise will be eaten up in effective buying power by inflation.

Thanks to all you people making this site a terrific center of learning.


mdejess
Title: Re: PDIC Coverage
Post by: Bitster on Apr 27, 2007, 11:27 AM



Read it again, Bitster. The Case 3 Joint Account is an illustration for THREE individuals, Karen, Kyla and Karla Reyes.


Nailbiter,

I am not stupid - I can see that COID Case 3 was for 3 persons!

I placed my first Time Deposit as a 'Single Account' in such 'Rural Banks' with BEA, of just Php100K.
Later I added an additional Php150K in my name as a Single account.

As far as I can see this is perfectly acceptable for Single Accounts as shown under PDIC COID  Single Depositor Account - Case 1 - dont you agree?



Account Holder            Balance
Acct #1 David            P 100,000    
Acct #2 David            P 150,000    
           
 
David                  Insured Share    Uninsured Deposits    
Acct #1                 P 100,000           P    0  
Acct #2                    150,000                0  
                                                   P     0  
     Total deposits    P 250,000  
     Insured deposits    250,000  
       

Perhaps instead of using Case 3, I should have selected 'Benjamin' in Case 5?
 
Single and joint accounts
Case 5: How much is the insurance coverage if Benjamin, Jose and Jonas have the following accounts in the closed QRST Bank?

                                       Account Holder/s                                                 Balance
   
Acct #1                     Benjamin                                                      P    200,000  
Acct #2                     Benjamin and Jose                                               500,000  
Acct #3                     Benjamin &/or Jonas                                             300,000  
Acct #4                     Benjamin or Jose or Jonas                                     400,000  
   
Benjamin          
(for single account)    
                                Acct #1                                                        P   200,000
                                Insured deposits                                                  200,000
         
(for joint accounts)                                    Insured Share            Uninsured Deposits  
                                 Acct #2                  P   125,000                      P   125,000  
                                 Acct #3                       125,000                            25,000  
                                 Acct #4                                0                           133,333  
   
                            Total Insured deposits    P    250,000  
                            Total Uninsured deposits                                      P    283,333
 

So, Nailbiter, do you think that just because the PDIC, have not shown a Case Of Illustrated Deposit (COID),
whereby a couple with a Joint Deposit, add a 2nd Deposit in the same names, it would be treated any different than 2 deposits in the same name as Single Depositor?

Does anyone know somebody within the PDIC that can confirm or reject this, please?

I use logic, and reason to deduce that 2 such Joint Deposits, ought to be allowed, based on multiple Single Deposits in the same Depositor.



 

                                       Account Holder/s                                                 Balance
   
Acct #1                     David                                                          P    100,000  
Acct #2                     David                                                                150,000
Acct #3                     Salome                                                              250,000  
Acct #4                     David &/or Salome                                               100,000  
Acct #5                     David &/or Salome                                               150,000
Acct #6                     David &/or Salome                                               250,000  
   
David          
(for single account)    
                                Acct #1                                                        P   100,000
                                Acct #2                                                        P   150,000

                                Insured deposits                                                  250,000
         
(for joint accounts)                                    Insured Share            Uninsured Deposits  
                                 Acct #4                  P    50,000                      P            0  
                                 Acct #5                       75,000                                    0  
                                 Acct #6                      125,000                                   0  
   
                            Total Insured deposits    P    250,000  
                            Total Uninsured deposits                                      P            0

Salome          
(for single account)    
                                Acct #3                                                        P   250,000

                                Insured deposits                                                  250,000
         
(for joint accounts)                                    Insured Share            Uninsured Deposits  
                                 Acct #4                  P    50,000                      P            0  
                                 Acct #5                       75,000                                    0  
                                 Acct #6                      125,000                                    0  
   
                            Total Insured deposits    P    250,000  
                            Total Uninsured deposits                                      P            0


I would like an intelligent, informed, reason, with explanation, if anyone would like to challange that my own COID that I have shown above, would not be as the PDIC would compute it?

PS: Joint Accounts shown is theoretical only, and not based on real cases!
Title: Re: PDIC Coverage
Post by: nailbiter on Apr 27, 2007, 11:32 AM
I am not calling you stupid, Bitster. You compared the illustration with:

1) Guy & Wife
2) Wife &/or Guy

You said:


Now before someone goes saying you can't have 2 Joint accounts in the same name, do check the PDIC website


And you asked whether your guy & wife and wife &/or guy accounts differed from PDIC's example. Just pointing out the difference in case you missed it.

Fyi, I put the same question to PDIC's Depositors Assistance Bureau via e-mail. Not sure if their response is much help:

My query:

Suppose Karen and Kyla Reyes open two joint accounts in the same branch in both their names worth P250,000 each:

Acct #1 Depositors: Karen and/or Kyla Reyes  Deposit: P250,000
Acct #2 Depositors: Karen and/or Kyla Reyes  Deposit: P250,000

Are both accounts covered for the full amount? Will both Karen and Kyla be insured for P125,000 each in both accounts?

From:   "DAB"
Date:    Tue, 27 Mar 2007 11:14:47 +0800

Hi! Good day!

Please be guided by the provision in the PDIC Charter pertaining to insured deposits:
 
" In determining such amount due to any depositor, there shall be added together all deposits
in the bank maintained in the same rights and capacity for his benefit either in his own
name or in the name of others. A joint account  regardless of whether the conjunction
"and," "or," "and/or" is used shall be separately insured separately from the individually
owned deposit account xxxx
 
    The insured deposit in each joint account shall be equally divided to the depositors/owners
of the account and each of them is entitled to P250,000 share of insured deposits for their
joint accounts.
 
    Thank you for entrusting your concern with the PDIC. Please feel free to email us or call
us at 841-4631/841-4630 should you have other concerns.
 
 
Very truly yours,
 
DEPOSITORS ASSISTANCE BUREAU

Title: Re: PDIC Coverage
Post by: Bitster on Apr 27, 2007, 01:26 PM


Hi! Good day!

Please be guided by the provision in the PDIC Charter pertaining to insured deposits:
 
" In determining such amount due to any depositor, there shall be added together all deposits
in the bank maintained in the same rights and capacity for his benefit either in his own
name or in the name of others. A joint account  regardless of whether the conjunction
"and," "or," "and/or" is used shall be separately insured separately from the individually
owned deposit account xxxx
 
    The insured deposit in each joint account shall be equally divided to the depositors/owners
of the account and each of them is entitled to P250,000 share of insured deposits for their
joint accounts.
 
    Thank you for entrusting your concern with the PDIC. Please feel free to email us or call
us at 841-4631/841-4630 should you have other concerns.
 
 
Very truly yours,
 
DEPOSITORS ASSISTANCE BUREAU[/i]



So reading what the PDIC said there, I think I have understood it correctly.

Namely:-


           (I don't believe there is any dispute here, from anyone?)
        (Don't think anyone will contest this either?)
          (The PDIC states this is the case, unless the CTD or SSD clearly states an alternative 'split')
         (This seems to be the 'issue' you imply I have not understood correctly?)



This is my own personal understanding/reading of what the PDIC stated.  

Perhaps it might be best if a Lawyer/Attorney could determine if I read and understood it correctly?

How do you read -
"The insured deposit in each joint account shall be equally divided to the depositors/owners
of the account and each of them is entitled to P250,000 share of insured deposits for their
joint accounts
".

So a Account #3Joint Deposit - David and/or Salome, of Php250,000, is split Php125,000 each for purposes of determining 'Insured Share' - does anyone dispute this?

So what about "each of them is entitled to P250,000 share of insured deposits for their
joint accounts"?  

Surely I only have a Php125,000 share of Insured Deposits, and so does my wife?

So why can't we place another similar Joint Deposit, which is then computed by adding all Deposits in individual names, noting Joint Deposits insured separately from the individually owned deposit account

I was an Engineer, and tend to look at the detail, as accurately as I can.

If you look closely at the PDIC COID Case 5, when they do their Computation of 'Insured Deposit' and Uninsured Deposit' in the case of Joint Deposits it is split equally by all the Depositors in THAT Account.

In my case I never make a Deposit above Php250K, so a Joint Account between me and my wife will be Php125K Insured Deposit each with Php 0 Uninsured Balance.

The PDIC in their 'Illustrative Cases Applying the New Maximum Deposit Insurance Cover of P250,000' tackle each 'Joint Account' on a case by case basis, in determining 'Insured Deposit' and Uninsured Deposit'.

They THEN apply the sum of shares to each depositor in the 'Insured Deposit' portion.

Account #4Joint Deposit - David and/or Salome, of Php250,000, is split Php125,000 each for purposes of determining 'Insured Share' also!

David          
          
(for joint accounts)                                    Insured Share            Uninsured Deposits  
                                 Acct #3                  P  125,000                      P            0  
                                 Acct #4                      125,000                                   0  
    
                            Total Insured deposits    P    250,000  
                            Total Uninsured deposits                                      P            0

Salome          
          
(for joint accounts)                                    Insured Share            Uninsured Deposits  
                                 Acct #3                  P  125,000                      P            0  
                                 Acct #4                      125,000                                   0  
    
                            Total Insured deposits    P    250,000  
                            Total Uninsured deposits                                      P            0



Quote
Insurance coverage of P250,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.


So if I have Php125K as an insured portion of 1 x Joint Account, and another Php125K as an insured portion of a 2nd Joint Account, then the sum of shares in the insured portion of each joint account is Php125K + Php125K = Php250K which is within the maximum Insurance Coverage for Joint Account.

However I do conceed, that if the PDIC were to consider that all Joint Accounts will be consolidated or added together if they are maintained in the same right and capacity, regardless of whether the conjunction “and”, “or” or “and/or” is used, BEFORE applying the SPLIT, then this does change things, but they dont give an Illustrated Example of this - perhaps they ought to?  

Account #3 Joint Deposit - David and/or Salome, of Php250,000,
Account #4 Joint Deposit - Salome and/or David, of Php250,000
The above Joint Accounts will be consolidated or added together as they are maintained in the same right and capacity, regardless of whether the conjunction “and”, “or” or “and/or” is used, and the order of Depositor names.

Account #3+ #4 Joint Deposit - Salome and/or David, of Php500,000


David          
          
(for joint accounts)                                    Insured Share            Uninsured Deposits  
                                 Acct #3 + #4             P  125,000                      P 125,000  

    
                            Total Insured deposits      P  125,000  
                            Total Uninsured deposits                                       P 125,000

Salome          
          
(for joint accounts)                                    Insured Share            Uninsured Deposits  
                                Acct #3 + #4             P  125,000                      P 125,000  

    
                            Total Insured deposits      P  125,000  
                            Total Uninsured deposits                                       P 125,000




"Please feel free to email us or call
us at 841-4631/841-4630 should you have other concerns.
 
Very truly yours,
 
DEPOSITORS ASSISTANCE BUREAU"

Any chance you can confirm the the e-mail address to use so I can e-mail the DEPOSITORS ASSISTANCE BUREAU?

I would just like to get confirmation that they would treat multiple joint accounts, placed at different times, the same as Single accounts if held in same Joint Names BEFORE they apply the SPLIT, rather than applying the SPLIT, then adding the Insured Deposit proportions, as they show in their worked examples between different depositors joint accounts.

If this is confirmed as the PDIC's definitive ruling on this, then I can live with it, and work to it.  I will suggest they include such as an Illustrated example on their COID page however, to avoid any confusion over Split applied Before or After any Summing to determine Depositors Insured proportions.

Cheers,

David
Title: Re: PDIC Coverage
Post by: pachira on Apr 27, 2007, 02:09 PM
Thanks. I called 8414631.


Ex. Bank ABC

Depositor              Deposit                                  Insured Deposit
                                                    MOM               DAD               SON             DAUGHTER
mom                       250 K             250 K
dad                        250 K                                  250 K  
son                         250 K                                                      250K  
daughter                   250 K                                                                         250 K
mom and/or dad        250 K            125 K              125 K
dad and/or son         250 K                                  125 K              125K  
mom and/or son         250K             125 K                                  125K  
mom and/or daughter  250 K               0 K                                                      125 K
dad and daughter       250 K                                    0 K                                 125 K  
daughter and son       250 K                                                       0 K                  0 K    

Total                        2.5M             500K               500K             500K              500K

Total Deposit:           2.5 M                      
Total Insured:           2.0 M
Total Uninsured:          .5M
-----

So it would be better to deposit this way (Just what David illustrated except with ITF):

Depositor              Deposit                                  Insured Deposit
                                                    MOM               DAD               SON             DAUGHTER
mom                       250 K                250 K
dad                        250 K                                     250 K  
son                        250 K                                                          250K  
daughter                 250 K                                                                               250 K
mom and/or dad        250 K                125 K             125 K
dad and/or son         250 K                                     125 K              125K  
mom and/or daughter 250 K                125K                                                         125 K
son and daughter      250 K                                                           125K              125 K  


Total                        2.0M                500K                  500K                  500K              500K

Total Deposit:           2.0 M                      
Total Insured:           2.0 M
Total Uninsured:           0

                  In short, each individual will be insured uo to 500K of deposits if he chooses to separate it into two different types of accounts (single or joint), unless...marami kang corporations(diff names) na 250K each insured. Syempre, magdeposit na lang kayong pamilya sa maraming bangko muna ng 2M.

                 Haayyy...ang saya namn ng forum natin. I wish marami akong ipainsure.  :bday:
                   




Title: Re: PDIC Coverage
Post by: nailbiter on Apr 27, 2007, 03:32 PM

Any chance you can confirm the the e-mail address to use so I can e-mail the DEPOSITORS ASSISTANCE BUREAU?


http://www.pdic.gov.ph/dab.asp
DAB@pdic.gov.ph
Title: Re: PDIC Coverage
Post by: Bitster on May 04, 2007, 10:41 PM
Title: Re: PDIC Coverage
Post by: nailbiter on May 05, 2007, 08:07 AM

(This seems to be the 'issue' you imply I have not understood correctly?)



(that certain members of PMT Forum were trying to have me believe).


If you're referring to me, Bitster, I was not implying that you misunderstood how the deposits were insured nor was I trying to have you believe anything on the subject. I already stated in this thread that the coverage of joint accounts by the same two persons opened in the same branch is not clear to me, I never offered you my explanation in this regard as I don't have one. I put the question myself to PDIC precisely because I wanted their clarification, but like I said, I don't believe they gave me a definitive answer. I have never claimed to be an expert in any subject in this forum either, if you were directing that "expert" comment at me as well. Again, I believe my reply to you was very clear. On your original post you quoted a PDIC illustration describing the accounts of:

1) Depositor A and/or Depositor B
2) Depositor C and/or Depositor A

and you specifically asked if this was any different from your own illustration of:

1) Depositor A and/or Depositor B
2) Depositor B and/or Depositor A

I merely pointed out to you that there was indeed a difference, there being three depositors in the first illustration, so they are not exactly comparable.

I certainly did not call you stupid, as you seem to insist, I only pointed it out in case you overlooked it. Because again, you asked if it was any different. And yes, it is. There were no other implications made in that response. Anything else you read into that streams from imagination.
Title: Re: PDIC Coverage
Post by: Bitster on May 05, 2007, 12:15 PM


If you're referring to me, Bitster, I was not implying that you misunderstood how the deposits were insured nor was I trying to have you believe anything on the subject.


Nailbiter, I have since edited my message post, as you seemed to take offence at what I said.  I was not specifically refering to you, but those in general who did not seem willing to accept that the PDIC might read it the same as I did?

I was confused by what the PDIC had stated, and their COID did not entirely help, as they did not show a specific example giving Joint account deposit of just Php250K, then later a 2nd Deposit between same two people.

I appreciated your suggestions, and did e-mail  DAB [mailto:dab@pdic.gov.ph] In which, I gave 2 illustrated cases, and asked the PDIC which of them was correct.

Glad to hear it was my 'reading' of the PDIC ruling that was correct.  This is really good news as it means a couple can place deposits into a Single account in each of their names, up to Php250K, and a Joint account of Php250K.  This is split Php125K each. A 2nd Joint account between the same 2 people, with a deposit of Php250K, is also split Php125K each.  Thus they each have Php125K insured deposit Joint Account #1, and Php125K insured deposit Joint Account #2

In total up to Php1M deposit at a single Bank between these 2 people would be fully insured by the PDIC.
Title: Re: PDIC Coverage
Post by: salingpusa on May 17, 2007, 03:06 PM

couple can place deposits into a Single account in each of their names, up to Php250K, and a Joint account of Php250K.  This is split Php125K each. A 2nd Joint account between the same 2 people, with a deposit of Php250K, is also split Php125K each.  Thus they each have Php125K insured deposit Joint Account #1, and Php125K insured deposit Joint Account #2

When I personally visited PDIC office in Makati in 2005?, I was given a warning NOT to open another joint account with the same personality (e.g., Mr and/or Mrs. account) after reaching the P250K limit (e.g., Mrs. and/or Mr. account) because accordingly they will consider it as THE SAME thus will be combined for insurance computation purposes and the limit imposed (P250K + P250K = P500K minus P250K for the PDIC coverage, so only P250K is insured).
Title: Re: PDIC Coverage
Post by: Bitster on Jun 07, 2007, 09:37 PM


When I personally visited PDIC office in Makati in 2005?, I was given a warning NOT to open another joint account with the same personality (e.g., Mr and/or Mrs. account) after reaching the P250K limit (e.g., Mrs. and/or Mr. account) because accordingly they will consider it as THE SAME thus will be combined for insurance computation purposes and the limit imposed (P250K + P250K = P500K minus P250K for the PDIC coverage, so only P250K is insured).


Salingpusa,

Further to my reply from Depositors Assitance Burea (DAB) confirming my "Case #1 is correct" i.e. A Joint deposit betwwen 2 persons is considered split equally, thus each have a respective insured deposit 'share' of Php125K each.  You are allowed up to Php250K of insured deposit share, therefore another deposit of Php250K gives that individual a 2nd insured deposit share of Php125K, making his Total Insured Deposit Shares Php125K + Php125K = Php250K = Fully Insured Deposit Shares.

Anyone wanting to check this further - read PDIC Bulletin 2004-04

Quote
PDIC Bulletin No. 2004 - 04
TO
:
MEMBER BANKS AND DEPOSITORS
SUBJECT
:
TREATMENT OF JOINT DEPOSIT ACCOUNTS FOR PURPOSES OF DEPOSIT INSURANCE AND THE DETERMINATION OF INSURED DEPOSITS IN CASES WHERE DEPOSITORS HAVE OBLIGATIONS WITH THE CLOSED BANK
Pursuant to the provisions of Republic Act No. 9302 amending the Charter of the Philippine Deposit Insurance Corporation (RA 3591, as amended), which took effect on 12 August 2004, please be properly guided by the following interpretations with respect to the treatment of joint deposit accounts for deposit insurance purposes and the determination of insured deposits in cases where the depositors have obligations with the closed bank:
1)
A joint account regardless of whether the conjunction “and”, “or” or “and/or” is used, shall be insured separately from an individually-owned deposit account.
2)
If the account is held jointly by two or more natural persons, or by two or more juridical persons or entities, the maximum insured deposit shall be divided into as many equal shares as there are individuals, juridical persons or entities, unless a different sharing is stipulated in the document of deposit. Document of deposit referred to in the preceding paragraph pertains to joint account agreements, account ledgers, certificate of time deposits, passbooks or other evidence of deposits, specimen signature cards, corporate resolutions, contracts or similar instruments, copies of which must be in the custody or possession of the bank upon takeover by PDIC.
3)
If the account is held by a juridical person or entity jointly with one or more natural persons, the maximum insured deposit shall be presumed to belong entirely to the juridical person or entity.
4)
The aggregate of the interests or total share of each co-owner over several joint accounts, whether owned by the same or different combinations of individuals, juridical persons or entities, shall likewise be subject to the maximum insured deposit of P250,000.00.
5)
The amount of insurance due to any depositor for deposits in an insured bank shall be net of any matured or unmatured.


Title: Re: PDIC Coverage
Post by: nicoco on Jul 26, 2007, 04:29 PM
Based on my research i have found out PDIC themselve are at times not even clear with the coverage .

I found you can actually do the ff to remain cover under the pdic :
Jack itf marie
jo itf marie
john itf marie
kennette itf marie .
therefore you are secure that all interest can just be place under your name to avoid the hassle of numerous withdrawal slip and so forth .

Posted on: Jul 26, 2007, 04:29 PM
I would like to hear what anyone has to say regarding this
Title: Re: PDIC Coverage
Post by: nailbiter on Jul 26, 2007, 04:52 PM
I'm not sure what you mean. If you refer to PDIC's Computation of Insured Deposits (http://www.pdic.gov.ph/coid.asp), beneficiary/ITF accounts are also only allowed a maximum coverage of P250,000 (see Case 2 in the cited webpage). Or in the example you cite, Marie, with the four accounts under which she is the trustee, is still only entitled to the maximum PDIC coverage.
Title: Re: PDIC Coverage
Post by: nicoco on Jul 26, 2007, 08:57 PM
yes i see it what would be any different if this way
Dad    250k
baby A 1year old  itf dad 250 k
baby B 2 years old itf dad 250 k
baby C 3 years old itf dad 250 k

compare to
Jose itf Dad
jack itf dad
john itf dad

Title: Re: PDIC Coverage
Post by: nailbiter on Jul 26, 2007, 09:03 PM
I don't see the difference. Based on PDIC's illustration, in both instances, Dad alone would only be subject to a maximum P250K coverage. So in the first instance, P750K is uninsured. I assume Jose, Jack and John would also have P250K each in deposits. In their case, then, P500K is uninsured. Babies A, B and C, Jose, Jack and John are merely agents of the said accounts and thus are not subject to insurance coverage.
Title: Re: PDIC Coverage
Post by: nicoco on Jul 26, 2007, 09:24 PM
Title: Re: PDIC Coverage
Post by: nailbiter on Jul 26, 2007, 09:35 PM
Again, nicoco, please do not post consecutive posts minutes apart. Use the Modify button on the upper right of your post to edit it.

Your Dave accounts are different from your Dad accounts. In Dave's case, then yes, all four accounts are covered by PDIC and Dave, being the agent for all accounts, can withdraw against all of them.

A 'By' account is similar to an 'ITF' account, but differs in presentation.

"Dave ITF Diane" is the same as "Diane By Dave." In both these accounts, Diane is the principal and Dave, the agent.

"Dave ITF Diane" and "Dave by Diane" are different accounts, with the principals being Diane and Dave, respectively.
Title: Re: PDIC Coverage
Post by: todjikid on Aug 02, 2007, 01:45 AM
Im confused...

i already emailed PDIC to check this:

Good day to you!

I commend the efficiency of your agency according to the testimonials of my friends.

I have one question that perhaps, you've encountered in the past. The scenario is:

Me and my brother deposited our inheritance in the same bank and we are both dumb when it comes to PDIC insurance cover.
Single Account

ME - 250,000
BRO - 250,000

Joint Account
Me and Bro - 250,000
ME and/or Bro - 250,000

Up to how much are we covered in case the bank closes down?

From my understanding from your website:

ME - 250,000 from Single account and 125,000 from the joint "and" account and another 125,000 from the joint "and/or" account.
Total unsured amount under my name = 500,000.

Bro - 250,000 from Single account and 125,000 from the joint "and" account and another 125,000 from the joint "and/or" account.
Total unsured amount under my name = 500,000.

Out total insured amount would be: 1,000,000 covering me and my bro.

Correct me if im wrong please.

Thank you!

Not a real life story. The only thing that my dad left me and my sister when died was an old dead rolex. I even paid for his interment services.
Title: Re: PDIC Coverage
Post by: mikeds on Aug 03, 2007, 06:59 PM
Quote
PDIC insures deposits of banks which are ordered closed by the Monetary Board. Grounds for closure are specified in the New Central Bank Act and most of those have to do with actions which are the fault of the bank (management).

PDIC does not cover "bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war." These are reasons which are not the fault of the bank.


What if the bank closed because of theft that has been orchestrated by employees of the same bank, like an inside job?
Title: Re: PDIC Coverage
Post by: todjikid on Aug 04, 2007, 01:39 PM



What if the bank closed because of theft that has been orchestrated by employees of the same bank, like an inside job?




havent throught of that...yeah...what if???
Title: Re: PDIC Coverage
Post by: nicoco on Aug 04, 2007, 07:31 PM
Question I know for a fact that every bank pays the corresponding premium to PDIC for every account that is open .

What happen if the bank doesnt remit the PDIC premium to the PDIC will we still be covered .

Title: Re: PDIC Coverage
Post by: nailbiter on Aug 04, 2007, 08:27 PM
nicoco, see this post (http://www.pinoymoneytalk.com/forum/index.php?topic=5318.msg76503#msg76503) on the first page of this thread.
Title: Re: PDIC Coverage
Post by: todjikid on Aug 05, 2007, 02:08 AM
this may be out of topic but I've heard of one popular pop singer in the 80s and early 90s whose bars and resto are mysteriously burnt to the ground with full insurance coverage. what if the same ploy is used by the bank.I do hope they have a time-locked mosler fire proof vault eh? the thing is with this one rural bank,their reception area has no view of its inner sanctum so I was trying to peek if they have a vault inside. Hope and pray they do...haaay...
Title: Re: PDIC Coverage
Post by: AMARANTH on Aug 15, 2007, 03:21 PM
hey bitster/david,

its a little bit out of topic but don't you have a rural banks in your home country (britain?) that could give you high rates if not doubling them?   what is your country's maximum insurance limit per person and do their rules work similarly to our pdic's here?
Title: Re: PDIC Coverage
Post by: Bitster on Aug 18, 2007, 01:33 PM
Title: Re: PDIC Coverage
Post by: Bitster on Aug 19, 2007, 10:41 AM
Title: Re: PDIC Coverage
Post by: Fortuner888 on Sep 07, 2007, 11:29 AM
Mikeds, PDIC does not cover "bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war." These are reasons which are not the fault of the bank.

Every bank has insurance for fire, theft and robbery, so events like these are unlikely to cause closure to a bank.  Their insurance companies will suffer the loss but not the banks.  Again the amount of coverage applied by the bank will also be material as to how much they can recover from what was robbed or destroyed by fire.
Title: Re: PDIC Coverage
Post by: mikeds on Sep 13, 2007, 11:49 PM
thanks Fortuner for the clarifications! i learned something new about banks..!; :applause:
Title: Re: PDIC Coverage
Post by: Fortuner888 on Sep 14, 2007, 09:33 AM
@mikeds: glad to be of help  :D

Here in the Philippines, we like to have designations, titles, differentiations or something of that sort.  I'm guessing in foreign lands they do have small banks but they don't call it rural banks, perhaps a country bank?!?

Of course, with each country, they would have their own law and guidelines just like ours here, whether they be commercial banks, savings bank, thrift banks or rural banks.  Basic banking laws are implemented and practiced by all these different category banks, what differs is only in their capacity in their operations or services offered.  Example:  A commercial bank can operate with foreign currencies while a rural bank can not.  Commercial banks can offer credit cards or ATM cards while rural banks don't have the facility.  Although, a little bird told me that Legacy Group of Rural Banks is working to have this facility available for their depositors.  This is still a long shot, but who knows.

These are just a few examples of their differences.  But otherwise, it's all the same.

Just my 2cents also  :hihi:
Title: Re: PDIC Coverage
Post by: todjikid on Sep 14, 2007, 10:34 PM
OT:
since the philippines is a copycat country ( even our constitution is copied somewhere --- US' declaration of independence???), i think "rural banks" "PDIC" "commercial" banks aren't original creations but inspired by a certain existing successful structure in a certain successful country.
Title: Re: PDIC Coverage
Post by: Fortuner888 on Sep 24, 2007, 02:02 PM
@todjikid: since that is the premise na copycat lang tayo so I conclude na may safety parameters pa rin yung mga laws and guidelines ng PDIC natin kasi monitored din yan ng World Bank Federation eh.

If yung PDIC or BSP for the matter, doesn't follow WBF's guidelines, tagal na nawala yung mga banking system natin and WBF will no longer assist the Philippines financially.
Title: Re: PDIC Coverage
Post by: AMARANTH on Oct 03, 2007, 11:28 PM
Title: Re: PDIC Coverage
Post by: nailbiter on Oct 03, 2007, 11:41 PM
AMARANTH, to clarify, you mean apart from that joint account, guy and girl each have separate individual accounts of P250,000 each, yes? That's how you arrive at a supposed insured deposit of P500,000 EACH even if the total amount in the joint account/s is just P500,000?

If that's the case, your second illustration would be correct. In the first instance, even if it is a joint account, only the first P250,000 is insured. What the new PDIC charter states is that joint accounts are insured separately from individual accounts. The entire account is subject to the full coverage of P250,000, each accountholder does not enjoy added individual coverage at P250,000 each as a depositor in a joint account. So insured deposit in the first illustration should be P375,000. Again, that's assuming guy and girl have individual accounts at maximum PDIC coverage. Refer to PDIC Sample Case 5 as you quoted in the first post of this thread.
Title: Re: PDIC Coverage
Post by: AMARANTH on Oct 04, 2007, 10:34 PM
uh...medyo magulo lang illustration ko.

(illustration 1)

bank of pinoy

acct 1.     guy                             250,000
acct 2.     girl                              250,000
acct 3.     guy and/or girl             250,000
acct 4.     girl and/or guy             250,000
acct 5.     guy and/or stranger      250,000
acct 6.     girl and/or stranger       250,000


Insured deposit:  on acct 1, 250,000 insured for guy
                          on acct 2, 250,000 insured for girl
                          on acct 3 is 125,000 each for guy and girl
                          on acct 4 is also 125,000 each for guy and girl
                          on acct 5 only stranger is insure for 125,000
                          on acct 6 also only stranger is insured for 125,000

           
       Is this correct?


actually my inquiry was in joint account issue.  if let say:

(illustration 2)

acct 1.  guy and/or girl  500,000


insured amount:  250,000 each for guy and girl


since a person on a joint acct also has a maximum of 250,000 apart from his single name acct.  Would the illustration 2 without trying to change the order of names like (guy and/or girl) then revert order of names to (girl and/or guy) be the same?  o dapat talaga may palitan ng pangalan tulad ng joint account ng illustration 1 joint acct para ma qualify?

Title: Re: PDIC Coverage
Post by: nailbiter on Oct 05, 2007, 02:59 AM
Heto ulit yung Case 5, para kita natin on the same page:

Quote
Case 5: How much is the insurance coverage if Benjamin, Jose and Jonas have the following accounts in the closed QRST Bank?

Account Holder/s
Balance
Acct #1Benjamin
P200,000
Acct #2Benjamin and Jose
500,000
Acct #3Benjamin &/or Jonas
300,000
Acct #4Benjamin or Jose or Jonas
400,000
Benjamin
(for single account)
Acct #1
P200,000
Insured deposits
200,000


(for joint accounts)
Insured Share
| Uninsured Deposits
Acct #2
P125,000
P125,000
Acct #3
125,000
25,000
Acct #4
0
133,333
Total Insured deposits
P250,000
Total Uninsured deposits
P283,333
Jose
Insured Share
| Uninsured Deposits
Acct #2
P125,000
P125,000
Acct #4
83,333
50,000
Total Insured deposits
P208,333
Total Uninsured deposits
P175,000
Jonas
Insured Share
| Uninsured Deposits
Acct #3
P125,000
P25,000
Acct #4
83,333
50,000
Total Insured deposits
P208,333
Total Uninsured deposits
P75,000
 
   
Explanation : Under the new rules, single account is insured separately to a maximum coverage of P250,000, thus, Account #1 owned by Benjamin is insured for P200,000. For joint ownership, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. Insurance coverage of P250,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.


Yes, your figures for the insured deposits for illustration 1 are correct. For illustration 2, kung yan lang ang account nilang dalawa whether jointly or individually, P250,000 lang talaga yung insured portion. P125,000 each lang sila. Hindi mag-a-apply yung individual coverage na P250,000 na they would be entitled to for a single account.

Tingnan mo yung insured portions nina Benjamin, Jose and Jonas for acct #s 2, 3 & 4. All those accounts are over P250,000 at ang insured deposits nila ay P250,000/2 o P250,000/3 lamang for each joint account. Walang added coverage for Jose and Jonas kahit wala silang ibang accounts. Also, sa total ng lahat ng joint accounts ng bawat depositor, hanggang P250,000 lang din ang covered. Kaya wala nang insured share si Benjamin for acct #4.

Kino-correct ko lang yung "insured amount" don sa illustration 2 ha. Medyo di ko ma-gets yung tanong mo on the order of names. Paano magkakaron ng palitan ng pangalan kung isa lang ang account sa illustration 2?
Title: Re: PDIC Coverage
Post by: Bitster on Oct 05, 2007, 11:50 AM
Title: Re: PDIC Coverage
Post by: AMARANTH on Oct 05, 2007, 12:08 PM
Title: Re: PDIC Coverage
Post by: nailbiter on Oct 05, 2007, 12:09 PM

ang tanong ko, tutal sa joint accounts ay meron kapang maximum na 250,000 pa insured bukod sa singlular name accounts pwede bang imbes na tulad sa mga halimbawa na (guy and or girl) na 250k at (girl and or guy) na 250k na hinihiwalay pa ng dalawa tutal silang dalawa rin naman nakapangalan pero iba lang order of names (kaninong pangalan nauna lang i mean sa acct) igawa ko na lang na isang joint account na:

guy and or girl     500,000      (insured total for guy 250,000 )
                                             (insured total for girl  250,000)

pwede ba ganyan ang style na isang joint na lang imbes gawin dalawa pa basta hanggang 500k para each 250k lang tutal sabi naman ng batas ay 250,000 each max on joint accounts kaso shortcut lang gawa ko na isang acct lang imbes na dalawahin pa


Apparently, hindi pwede yan, AMARANTH. As I tried to point out to you above, tingnan mo yung Acct #s 2, 3 & 4 sa Case 5 ng PDIC. Lahat yan, over P250,000. Pero yung sobra sa P250,000, hindi na insured. Sina Jose at Jonas, P208,333 lang ang insured deposits nila, less than the P250,000 maximum coverage, pero may uninsured deposits pa rin. Uninsured portion na kasi yung over P250,000 sa joint accounts nila.

Each joint account in itself is covered only up to P250,000, not by the sum of the added maximum coverage each depositor is entitled to for joint accounts.



Depositor / Account  / Insured Deposit/ Uninsured Deposit
Guy:   Single Account #1   250,000     0
         Joint Account #3     125,000     0
         Joint Account #4     125,000     0
         Joint Account #5              0     125,000
     Total Insured Deposit = 750,000

Girl:    Single Account #2   250,000     0
         Joint Account #3     125,000     0
         Joint Account #6     125,000     0
         Joint Account #6              0     125,000
     Total Insured Deposit = 750,000


Bitster, the total insured deposits should only amount to P500,000.

P250,000
+ 125,000
+ 125,000
= P500,000


Based on the PDIC Illustrative Case above, I believe AMARANTH already got the figures for her sample (illustration 1) right.
Title: Re: PDIC Coverage
Post by: Bitster on Oct 05, 2007, 12:19 PM
Title: Re: PDIC Coverage
Post by: AMARANTH on Oct 05, 2007, 03:25 PM
I see, thank you for the clarification nailbiter and bitster.  :thankyou:
Title: Re: PDIC Coverage
Post by: ELVIS on Oct 17, 2007, 03:18 PM
Title: Re: PDIC Coverage
Post by: nailbiter on Oct 17, 2007, 03:21 PM
^Yes.
Title: Re: PDIC Coverage
Post by: Fortuner888 on Oct 20, 2007, 01:11 PM
all four accounts are covered under the PDIC insurance.  I noticed that your 2nd account is wife ITF husband, I talked to a PDIC auditor and asked about ITF account in your case.  According to him, ITF is only allowed if the person in-trust-for is minor, disabled or is mentally disabled.  

As a suggestion, why not wife &/or husband so that both of you have legal rights on this account?  Just a suggestion lang po
Title: Re: PDIC Coverage
Post by: nailbiter on Oct 21, 2007, 05:15 PM
OT: That usually depends on bank policy. My dad was able to open an 'FAO' account in my aunt's behalf at Prudential Bank. She's based abroad, not a minor nor disabled. The thread to discuss such concerns is here: Joint, 'ITF,' 'By'/'FAO' bank accounts (http://www.pinoymoneytalk.com/forum/index.php?topic=5836.0).
Title: Re: PDIC Coverage
Post by: Scaramouche on Oct 24, 2007, 09:58 AM

Yes and this has been resolved! Check PDIC website and specifically this article: http://www.pdic.gov.ph/csic/SC_dismisses_libelsuit_vs_NCN.htm


this links to a page that does not exist
Title: Re: PDIC Coverage
Post by: nailbiter on Oct 24, 2007, 10:15 AM
Scaramouche, that's a wrong link. It should be:
http://www.pdic.gov.ph/csic/SC_dismisses_libelsuit_vs_NCN.asp
Title: Re: PDIC Coverage
Post by: segurista on Oct 26, 2007, 01:40 PM
Title: Re: PDIC Coverage
Post by: bluelobster on Nov 16, 2007, 06:01 AM
Does PDIC cover only the principal deposit or does it also include the interest for as long as the combined total of your principal+interest is within 250K?
Title: Re: PDIC Coverage
Post by: AMARANTH on Nov 16, 2007, 05:34 PM
Title: Re: PDIC Coverage
Post by: cjap10 on Nov 16, 2007, 05:39 PM
hala, so mas mainam pa na magdeposit ka na lang sa maraming bangko with 1 placement each...  :huh:
Title: Re: PDIC Coverage
Post by: richpulubi on Nov 17, 2007, 08:28 AM
It has been quite some time since this forum has been heated, and again the doubts have been re-ignited. I always try to keep things simple, and even with what Amaranth posted about PDIC, let's face it, there are many unscrupulous people out there who try to get one over PDIC. I met of one person, who showed me his listing of P8M in one Legacy bank alone, having so many of his employees and relatives to ghost sign for him.

I know of four people who deposited in four different banks that closed, and ALL of them got their money back through PDIC within a year. I am not saying that I trust PDIC totally, but what I am saying is that I think, to the best of their limited abilities, they're trying to do their job.

So far, I have invested in eight rural banks, besides a fair number of thrift, savings, commercial, and wealth management banks. How do I know my money is safer with the latter banks? Actually, noone knows(think: Urban Bank). But it is better to spread your investments and do what seems to make the most sense.

As to the and/or aspect of PDIC, it just doesn't make sense to me that PDIC will honor a 'me and you account' as separate from a 'you and me'. So, just my opinion, if it's just your wife and you, keep it to: you, your wife, you and/or your wife. No matter what the PDIC website says.
Title: Re: PDIC Coverage
Post by: TheProfessor on Nov 18, 2007, 10:03 AM
Since there is a concern regarding the following questions, I am inclined to present a quick view on this;

1. BAD  EXPERIENCE FROM  PDIC .. regarding your insured deposits

While there may be some who has had a bad experience with PDIC, most (and not all) points to the clients shortcomings (like lacking documents to present that causes delays in processing, etc.). However, with the new PDIC charter which has been tested for the past 2 years, like in the case of the closure of Bank of Cebu (not a member of LFG), PDIC was able to process and pay the insured amounts in 9-14 days only.

2. PDIC IS IT REALLY A SAFETY NET

At the very least, the banking industry has a "safety net" called PDIC (the U.S. has FDIC). Nowhere can we find an investment where there is such a thing as "safety net" or insurance for the principal amount of money you invested. Open a business, say, a small grocery store, a construction company or trading business, risk is involved without the benefit of a "safety net".

In this thread, kindly note that interests earned by your principal amount is released MONTHLY, thereby giving you an effective interest rate of OVER 20% p.a. actually without prejudice to the insurance of you principal amount by PDIC.

3. WHY DO  YOU INVEST IN A RURAL BANK

Everything exists for a reason, whether it is good or evil. Rural banks are no different. They must exist for a "reason and a purpose".

Rural banks are tasked to execute "microfinancing" to Small & Medium Enterprises (SMEs). They act as counter balance or a better deal than loan sharks that offer 20% a month ( a.k.a. 5-6) interest on loans. Please refer to Entrepreneur magazine August 2006 edition where a list of microfinancing entities are described offering loan rates between 2.5 to 5% per month, a far better rate than the loan sharks.

My former MBA student who is now working in BSP admitted that in areas where rural banks offering "microfinancing" are strong, the loan sharks have lost some amount of market share.

At the end of the day, we need to realize that risks abound in our lifetime. According to a book of Citibank, "Life is full of risks, one can not be too careful if you have to stay ahead."
Title: Re: PDIC Coverage
Post by: JohnnyS on Nov 18, 2007, 02:51 PM
Professor,
I think the quote below actually means that people should be extra extra extra careful due to risks...

QUOTE: At the end of the day, we need to realize that risks abound in our lifetime. According to a book of Citibank, "Life is full of risks, one can not be too careful if you have to stay ahead."
Title: Re: PDIC Coverage
Post by: todjikid on Nov 18, 2007, 03:08 PM
uhmmm that's another way of reading the quote. but then a gain its a matter of perspective.
Title: Re: PDIC Coverage
Post by: segurista on Nov 19, 2007, 04:08 AM
Title: Re: PDIC Coverage
Post by: bluelobster on Nov 20, 2007, 12:54 PM
Sorry for asking again :help:

Does PDIC cover only the principal deposit or does it also include the interest for as long as the combined total of your principal+interest is within 250K?
Title: Re: PDIC Coverage
Post by: bluelobster on Nov 20, 2007, 07:58 PM
ok, i already know the answer :hihi:
Title: Re: PDIC Coverage
Post by: richpulubi on Nov 21, 2007, 07:14 AM
Every time I bump into a lawyer friend, I ask how dependable is PDIC. Another friend had a client, and they were able to reimburse from PDIC in three months.
Title: Re: PDIC Coverage
Post by: Fortuner888 on Nov 21, 2007, 09:11 AM
Recently, while talking to a client in a coffeeshop, we were discussing about PDIC and for the matter how fast they will release your funds if a bank closed down.  The client's voice was rather big as he was a big man.  

The woman who sat behind him couldn't help but overhear the discussion and offered to say her piece, which we allowed wanting to hear what she couldn't keep to herself.  Remember, she doesn't know us nor us, her.  

This is what she shared, she and her husband placed more than Php 250,000.00 days before the closure of Bank of Cebu.  When they heard of its closure, the husband immediately made a beeline to the bank and filed his claim with the PDIC people stationed in the bank.  After he accomplished the form and the requirements asked of him, he submitted everything in a days time.  They thought it would take months or years before they can get their money back.  To their surprise, they got their 250,000.00 back after only three days from filing.

That was the fastest i've heard so far.  Because the news we saw on TV took 9 days for PDIC to start paying off.  I would like to think that there is still some good in our Philippine systems.  We can't lose hope in this country and its people, after all, we are living in this country called the Philippines.  Have a little faith, people.  
Title: Re: PDIC Coverage
Post by: JohnnyS on Dec 04, 2007, 10:07 PM
I am a foreigner.
Does anyone know if PDIC covers deposits made by foreigners?
Title: Re: PDIC Coverage
Post by: AMARANTH on Dec 13, 2007, 11:26 PM
Title: Re: PDIC Coverage
Post by: Oberkommando on Dec 16, 2007, 06:18 AM
JohnnyS. : my friend received this email

got this from the PDIC a few mins ago
Thank you for your email.

We are pleased to inform you that for purposes of deposit insurance
claims, Philippine Deposit Insurance Corporation does not impose any restriction for foreigners.

Assuming that bank records are in order and that there are no problem
on the deposit account upon bank closure, PDIC pays depositor claims up to a maximum of
P250,000 per depositor.

Please feel free to call us at 841-4631/4630 should you want more
information or visit our website at: www.pdic.gov. ph

Very truly yours,

DEPOSITORS ASSISTANCE BUREAU
Title: Re: PDIC Coverage
Post by: pingles on Jan 10, 2008, 04:45 PM
pwede ba na mag-open ng account na nasa pangalan ko tapos yung isa naman ay sa company na single propretorship na ako rin ang may-ari? pareho rin bang covered ng PDIC ito? so kung, 250k ang deposit ko sa bawat isa, ibig sabihin, 500k and naka-insured?
Title: Re: PDIC Coverage
Post by: segurista on Feb 19, 2008, 04:40 AM
Mabilis pala  mag claim sa PDIC  my second cousin   got his check yesterday   of 250 thou from the closed Wise bank in makati I never expected na ganito kabilis mag claim sa PDIC .

Sa PDIC  KEEP UP THE GOOD WORK.
Title: Re: PDIC Coverage
Post by: GoodSteward on Feb 19, 2008, 09:32 AM
Segurista, Thanks for informing! 2 thumbs up for PDIC...Lalakas loob natin knowing PDIC is there for real. We still can have peace of mind with our deposits in smaller banks.
Posted on: Feb 19, 2008, 09:25 AM
Forgot to share this with you guys, it was quite some time ago though, i think its 1999 or 2000 or 2001. I had a deposit in Jade Bank. #
I deposited P100,000. Yun lang  kasi insured amount that time. But i roll over the interest out.
Eventually it closed down. Ang bilis din ng pagclaim ko,  i can remember clearly its no less than 2 weeks i got my 100,000 back, yun  nga lang sabit interest ko.
So yun...PDIC has been keeping its word to serve the public right and just.
Title: Re: PDIC Coverage
Post by: gr8collector on Feb 19, 2008, 09:38 AM
wow.  great news segurista.  this is definitely a confidence booster.  
Title: Re: PDIC Coverage
Post by: gramme on Mar 13, 2008, 08:41 PM
has anybody here experienced a bank run? i haven't, kindly share your experience

if your money gets stuck in a bank that was closed down by BSP, how easy is it to recover?

and how SOON?

how's the paperwork like? super hassle?

some forumers here are brave enough to plunk down as much as 75% of their funds in rural banks; now even if the accounts are PDIC-insured, the time it takes to recover the money is also important especially in uncertain times like now ( global recession rumors, hyperinflation etc..)
Title: Re: PDIC Coverage
Post by: venyatar on Mar 13, 2008, 11:13 PM
Quote
some forumers here are brave enough to plunk down as much as 75% of their funds in rural banks; now even if the accounts are PDIC-insured, the time it takes to recover the money is also important especially in uncertain times like now ( global recession rumors, hyperinflation etc..)


If you check out the PDIC website, you'll notice that depositors of recently closed banks got back their insured deposits within a few weeks or so.
Title: Re: PDIC Coverage
Post by: GoodSteward on Mar 13, 2008, 11:37 PM
i agree, Pdic has been true to its mandate.
Title: Re: PDIC Coverage
Post by: segurista on Mar 14, 2008, 03:26 AM
I have a relative in the closed wise bank of makati nakuha niya in a matter  of  one week from the time of PDIC   takeover of the bank.

So where can you find an investment na kahit paano ay may  safety net.

Since mga 80s  pa marami na nagsara ng bank  nakaring ka na ba ng nagsumbong kay tulfo  na hindi  nila nakuha sa closed bank ang insured amount nila from PDIC  ang pinoy pa hindi pa scam  nagsusumbong na scam kaagad

Kung mayroon kayong lolo o lola or kaibigan or kapitbahay ng pinsan or bayaw ng kababayan niyo na may masamang experience sa PDIC  please post niyo sa PDIC thread  malaking tulong ito sa mga rural bank investors na katulad ko .

Salamat po
 

Title: Re: PDIC Coverage
Post by: Bitster on Mar 18, 2008, 09:06 PM
Title: Re: PDIC Coverage
Post by: nailbiter on Mar 21, 2008, 11:46 AM

If you did not reverse the Names of the 2nd Jount Account, so the Co-Depositor, becomes the Main Depositor, there would not be a Personal Information Sheet on that Person (unless they also have a Single Account in their name at the same Bank).


That may not be true for all banks, Bitster. I have joint accounts as well in a few banks. In said banks, all named depositors are required to fill out Personal Information Sheets, regardless whether or not they have single accounts or are named main or co-depositors for the joint account.
Title: Re: PDIC Coverage
Post by: Bitster on Mar 28, 2008, 07:27 PM
Was that not the point I was making?  

Banks DO require ALL Depositors to fill out a 'Personal Information Sheet' (PIS)!

Let me give an example of what I was saying:-

"Guy" - Php250K Single Account,

"Guy" &/Or "Girl" - Php250K Joint Account.

Left like that the Guy would have completed 2 x PIS, and the Girl  none!

So she might be asked to complete one (PIS), without making another Deposit?

However if they wanted to place a 2nd Joint Account, AND reversed the names, so

"Girl" &/Or "Guy" - Php250K Joint Account.   She now gets to do the PIS!

Without reversing the names she still needs another PIS!

In case you are thinking - "why does the Girl nor place Php250K songle and do the PIS there?".

Because I am thinking the guy might be a Foreigner and the Girl a Filipina, whilst this Guy  might love the Girl and Trust her anough with half share of Php250K, perhaps he does not know her well or long enough to fully trust her,  with the entire Php250K to herself?  

This is not my viewpoint - my wife has the same deposits in her name, as I have in my name.  Then again I have known Sha-Sha since 1998 in hong Kong, and have been in the Philippines with her nearly 7 Years, with 6 of those married to her, so I guess I do trust her enough.  

However, I was asked such question, by a foreigner, so some are thinking just this?

Bitster
Title: Re: PDIC Coverage
Post by: nailbiter on Mar 28, 2008, 10:22 PM
Sorry, I'm confused by this last post of yours. What I understood from the part I quoted above was that you stated that a co-depositor on a joint account, who does not himself or herself have his or her own single account with the bank, is not required to fill out a personal information sheet. Again, that is what I get from your illustration when you say the girl in "Guy" &/or "Girl" does not have to fill out a personal information sheet. Yet previously you did say that banks do indeed require all depositors to fill this out. You seem to contradict yourself there.

Anyway, with my banks, if I have more than one account with them, whether or not a single account or as main depositor for a joint account, I am only required to fill out one personal information sheet. The same goes for any co-depositors I may have. But we do have to fill out new signature cards for each account.
Title: Re: PDIC Coverage
Post by: cool_78 on Mar 30, 2008, 10:33 AM
Paano kaya pag ang bank is based on let's say Naga city pero may branch sila sa Ortigas like G7. Pag lets say nagsara sila (knock on wood) Do we need to go to Naga city para mag file ng claim kasi nandun and main branch nila.
Title: Re: PDIC Coverage
Post by: nailbiter on Mar 30, 2008, 01:13 PM
Sa branch of account mo, don magse-service ang PDIC. Kung sa G7 sa Ortigas ka nag-deposit, don ka pupunta.
Title: Re: PDIC Coverage
Post by: GoodSteward on Apr 14, 2008, 01:32 PM

I have a relative in the closed wise bank of makati nakuha niya in a matter  of  one week from the time of PDIC   takeover of the bank.




A question just pops up in my head, dunno if this had been asked before:

If your time time deposit is locked in for 5 years, and if the bank closes say 1 year after you placed your account, do you still have to wait 4 years more (maturity of your time deposit) before PDIC pays you?

Segurista, yun relative mo na nakakuha sa PDIC agad how long yun deposit placement niya?
Thanks in advance!
Title: Re: PDIC Coverage
Post by: segurista on Apr 14, 2008, 07:56 PM
Good steward,  as far as I know there is no need to wait for the maturity period before PDIC pays the insured amount ..regarding my relatives account ang pagkakaalam ko running to three years na ang pera niya sa closed Wise bank.
Title: Re: PDIC Coverage
Post by: GoodSteward on Apr 15, 2008, 08:42 AM
thanks segurista!! :D
Title: Re: PDIC Coverage
Post by: nicoco on Apr 21, 2008, 06:56 AM
That why as much as possible if you lock in at 5 years make sure the interest is paid out every month or worst scenario every quarters

So if the bank close you lost your interest for the month or quarter . Imagine if you interest is lock in for 5 years and the bank close in 4 years is as if you didnt earn any interest that assuming your time deposit is at 250k max out
Title: Re: PDIC Coverage
Post by: sardonyx on May 12, 2008, 08:36 PM
nailbiter, i went to the rural bank this afternoon and my account is not ITF my dad.  and/or lang. insured pa rin ng PDIC kasi it's in my name.  pwede pala yun even if i just deposited P50,000, i get to enjoy the high interest rate given to my dad who deposited P1.5M?  they showed me a printed illustration showing the insured and uninsured deposit. i made a similar illustration. tama ba ito?

acct #1 dad and/or mom - P 1.5M
acct #2 sardonyx and/or dad - P 50,000

dad's insured share    uninsured deposit
acct #1  P 125,000    P 625,000
acct #2      25,000            -
total      P 150,000

sardonyx's insured share    uninsured deposit
acct #2   P25,000               -

Title: Re: PDIC Coverage
Post by: muneytrail on Jun 03, 2008, 10:00 AM
Hi! Can anyone illustrate up to how much can say a married couple invest in a bank and still have the amount covered by PDIC?  :help:
Title: Re: PDIC Coverage
Post by: wintan2006 on Jun 03, 2008, 11:33 AM
           Muneytrail,1M yata
           (1) A and B
           (2)B and A
           (3)A and or B
           (4)B and or A
Title: Re: PDIC Coverage
Post by: kikations on Jun 12, 2008, 01:18 PM

           Muneytrail,1M yata
           (1) A and B
           (2)B and A
           (3)A and or B
           (4)B and or A


Sorry can you please explain how it became 1M?

250k - hubby
250k - wifey
remaining 500k - ???

Thanks in advance for clearing this up!
Title: Re: PDIC Coverage
Post by: segurista on Jun 12, 2008, 01:32 PM
kikitations,

Para maging one million ang magasawa

WIFE   SINGLE ACCOUNT  250 THOU

HUSBAND  SINGLE ACCOUNT  250 THOU

HUSBAND OR WIFE    JOINT ACCOUNT 250 TH

WIFE OR HUSBAND     JOINT ACCOUNT  25O THOU

            TOTAL INSURE AMOUNT I MILLION


Seperately insured ang joint at single account


Sana makatulong ito sa iyo also you can check the PDIC WEBSITE  FOR MORE INFOS


segurista
Title: Re: PDIC Coverage
Post by: wintan2006 on Jun 12, 2008, 05:43 PM
             Segurista,yung A and/ or B iba pa ba from A and B?naguguluhan na rin kasi ako.

           
Title: Re: PDIC Coverage
Post by: Rbell on Jun 16, 2008, 10:18 AM
Have checked PDIC website and found no specific mentioned that joint account is insured separately. Not sure though baka hindi ko lang nakita. Can anyone  please clarify?
Title: Re: PDIC Coverage
Post by: TheProfessor on Jun 21, 2008, 08:07 AM
Yesterday I had the opportunity to listen first hand to the experience of a foreigner client with PDIC. He also visits PMT.

As narrated, he had an account with Marble Bank in Romblon. He did not know that the bank closed. It was almost a year after the closure that he got the information. By this time there were no more PDIC people in the closed bank premises. He had no choice but fly to PDIC Manila to claim his deposit.

According to him his claim was fast and he was paid within 2 hours. He was happy with that PDIC experience.

The unfortunate part is, his account was over the PDIC limit which he can not claim.

He flew to Cebu to make placements under the Legacy member banks as well as those of the Oriental/Cardinal/Kampilan group.

Title: Re: PDIC Coverage
Post by: segurista on Jun 23, 2008, 03:10 AM
Title: Re: PDIC Coverage
Post by: nicoco on Jun 25, 2008, 09:35 PM
will check it out segurista
Title: Re: PDIC Coverage
Post by: yeheycebu on Jun 27, 2008, 11:12 AM
For Banco Filipino double your money in 6 years, assuming I deposited 200K Joint account and another 200k joint account with my wife. Assuming BF closed down after 3 years. Also assuming my deposit will be 300K + 300K by that time factoring the interest. Will I receive 250K + 250K = 500K PDIC coverage for both joint account?
Title: Re: PDIC Coverage
Post by: kikations on Jun 27, 2008, 02:47 PM
Yeheycebu,

Im not entirely sure, but i think you're only going to get 400k back. I don't think PDIC insures you for interest earned
Title: Re: PDIC Coverage
Post by: AMARANTH on Jul 18, 2008, 02:04 PM
Title: Re: PDIC Coverage
Post by: freedomfighter on Jul 19, 2008, 12:40 AM
Nice reference Amaranth!

Title: Re: PDIC Coverage
Post by: swerve01 on Jul 26, 2008, 10:58 PM
Mr A and Mrs B are the agents for 10 bank accounts in the Philippines (in one bank) each consisting of P250,000 ITF for 10 different people.  That's P2.5million in total invested in this one bank:

Accnt #1: Mr A or Mrs B ITF "person 1"
Accnt #2: Mr A or Mrs B ITF "person 2"
Accnt #3: Mr A or Mrs B ITF "person 3"

etc...

If the bank were to close down, can Mr A OR Mrs B claim the full P2.5million through PDIC?  Do they need the signatures of each of the 10 people to do this or don't they require their signatures to claim?  These 10 accounts were opened without the signatures of those that were in-trusted for.
Can someone please verify this, it would be much appreciated.
Title: Re: PDIC Coverage
Post by: bauer on Jul 31, 2008, 06:01 PM
swerve01,  
PDIC has internal rules on how to check the closed banks if the accounts are just created with criminal intent to defraud the insurer.

Before they process the claims, all account holders are required to appear personally in their office several times and sign all documents in person. also PDIC will get all original documents (passbook, deposit certificates, etc.) before PDIC will start the processing of payment for insured deposits. medyo toxic at mahirap manloko. Good for the tax payers!
Title: Re: PDIC Coverage
Post by: cal on Aug 01, 2008, 12:21 AM
pwedeng pa-post ng sample ng special power of attorney form for pdic claims. thanks in advance
Title: Re: PDIC Coverage
Post by: Bitster on Aug 05, 2008, 09:33 PM
Title: Re: PDIC Coverage
Post by: AMARANTH on Sep 01, 2008, 12:49 PM
Title: Re: PDIC Coverage
Post by: baka on Sep 16, 2008, 05:26 PM
For those who availed of the Hybrid 6 offered by RBOP, is the P250,000 fully covered or only P200,000 since this was the initial cash outlay? Accounting-wise, the P50,000 represents advanced interest which represents an unearned income, a liability of the depositor?

Title: Re: PDIC Coverage
Post by: pie03 on Sep 22, 2008, 12:26 AM
CASE I:

if I may ask, I saw in the illustrative cases on pdic website

acct 1: Karla and/or karen 250k, insured 125k each of them
acct 2: karen and/or karla 250k, insured 125k each of them

so total sum insured is 500k.

i observe that the names of depositor on acct 1 & acct 2 are interchanged.


CASE II:

what if the account goes like this

acct1: karla and/or karen 250k
acct2: karla and/or karen 250k

the name were not interchanged on 2 accounts, do they still get the total sum insured of 500k for 2 accounts same as on CASE I?
Is there a provision that the 2nd acct name must be interchanged or it is just same scenario regardless of acct names position. pls answer me thanks..
Title: Re: PDIC Coverage
Post by: swerve01 on Sep 22, 2008, 01:35 AM

swerve01,  
PDIC has internal rules on how to check the closed banks if the accounts are just created with criminal intent to defraud the insurer.

Before they process the claims, all account holders are required to appear personally in their office several times and sign all documents in person. also PDIC will get all original documents (passbook, deposit certificates, etc.) before PDIC will start the processing of payment for insured deposits. medyo toxic at mahirap manloko. Good for the tax payers!

Hi Bauer,
This is a true case scenario and the 12 people involved are true people. There is no intent na manloko. If PDIC needs the signatures of all the people so be it.  My question is if the full P2.5million invested in this one bank can be claimed considering that the 10 accounts of P250,000 are all ITF accounts.
Thanks.    
Title: Re: PDIC Coverage
Post by: Bitster on Sep 24, 2008, 07:38 PM

For those who availed of the Hybrid 6 offered by RBOP, is the P250,000 fully covered or only P200,000 since this was the initial cash outlay? Accounting-wise, the P50,000 represents advanced interest which represents an unearned income, a liability of the depositor?



PMT Forum has the answers - you just have to look for them?

Check out what a PMT Forum Member posted about the one and only LFG Bank that ever closed - Center Bank.

Without looking it up I can.t recall the Nember Name and the Message Post # or which Part of the Legacy Rural Bank Thread it was in.  Same with Quoting the 'Rule' PDIC applied to reduce that 20% Advance Interest to say 0.5% and this deducting 19.5% from the Gross Deposit.

CONCLUSION:  If you placed Funds into a Time Deposit with any Bank, that offers 'Advance Interest', and the Bank gets closed before reaching Maturity, only expect your Nett Deposit, not the Gross Deposit!

You will get slightly more than the Nett Deposit

Dont get upset about this however - get REAL!

You were receiving Interest on the Gross Deposit all the time the Bank was in Business (until it got Suspended, then Closed),  You only actually paid out the Nett Deposit, because of this Advance Interest.

The PDIC dont have the power to take back that additional Interest earned on the Gross Deposit, abouve that of your Nett Deposit.  

i.e on a 'DYM5' you were receiveing 25%pa on your Nett Deposit, rather than 20%pa.
You got 5% Extra for 'Free' for all those Months.

You get back the Php200K, plus perhaps Php1,250 (0.5%) instead of Php50,000 (20%)

Title: Re: PDIC Coverage
Post by: rangel on Sep 24, 2008, 11:13 PM
What if those advance interest have been re-nvested?...will it be now covered?
Title: Re: PDIC Coverage
Post by: freedomfighter on Sep 26, 2008, 09:58 AM
I have this idea swirling in my head after reading this article about likewise putting-up a similar enterprise.  hehehe  It's really a temptation to make big bucks.  But I think this is already being done by the good professor and bitster, if not by Legacy itself.  Well, in the spirit of PMT's "share your knowledge and trade secrets",  here's one trade secret of a former FDIC Chief of Staff:



Exploiting FDIC Loopholes Enriches Former U.S. Bank Regulators
By David Evans

Sept. 25 (Bloomberg) -- As chief of staff of the Federal Deposit Insurance Corp. from 1999 to 2002, Mark Jacobsen was responsible for a safety net that protects U.S. savers. He now runs a company that critics say is designed to stretch that net to its breaking point.

Jacobsen, 42, is president and co-founder of Arlington, Virginia-based Promontory Interfinancial Network, a company that makes it easy for a wealthy depositor to keep FDIC-insured cash in separate accounts at multiple banks. It offers customers up to $50 million of FDIC insurance, 500 times the single-account limit approved by Congress.

``When I first saw Promontory, I was amazed that the regulators would let it fly,'' says Sherrill Shaffer, a former chief economist at the New York Federal Reserve Bank. ``It undermines a lot of the safeguards around the FDIC deposit fund. I'm astounded that the FDIC has not picked up on that and tried to shut down that loophole.''

The loophole Promontory exploits is the FDIC rule that allows an individual to open up federally insured accounts of up to $100,000 at an unlimited number of banks.

Promontory has contracts with 2,350 banks. It advertises to wealthy investors who want to insure more than $100,000 in certificates of deposit. Customers tap into Promontory's network through their home banks.

Promontory arranges for the customer's money to be divided among banks, with each receiving less than $100,000 so all of the cash is FDIC insured. The receiving banks pay Promontory a fee, and in return, Promontory directs deposits to them.

Working the System

Promontory is peopled by former federal banking officials. Jacobsen started the company with Alan Blinder, who was vice chairman of the Federal Reserve from 1994 to 1996, and Eugene Ludwig, who was Comptroller of the Currency from 1993 to 1998.

William Seidman, the FDIC's chairman from 1985 to 1991, is a board member. William Isaac, who chaired the FDIC from 1981 to 1985, is chairman of the company's bank advisory board.

``These guys know how to work the system,'' says Shaffer, who's now a professor of banking at the University of Wyoming in Laramie. ``They saw a good buck in it for themselves.''

Seidman says he knows Promontory has critics. ``The question can be raised, `Is this what the government wanted when they put in deposit insurance?''' he says. ``One man's loophole is another man's God-given right.''

Does the Legwork

Jacobsen says the company provides a service for investors and does nothing improper. Individuals could open accounts on their own or through brokers at hundreds of banks. Promontory does the legwork at no cost to depositors and helps community banks compete for deposits with large money-center banks, he says.

The firm calls its system CDARS, an acronym for certificate of deposit account registry service.

``What we're doing is no different from what others have been doing for many decades,'' Jacobsen says. ``We just make it a little bit easier. Instead of having to knock on the doors of 20 banks to deposit $2 million, or going to a broker to do the same on your behalf and collect a big fee, we allow banks to offer the service directly.''

Isaac says he's not sure what role he plays at the company. ``I think I'm some kind of an adviser or director,'' he says. ``I'm not really involved. The board of advisers has never met. I allowed them to make me the chairman of a bank advisory board that has no members.''

`Significant Amounts'

Blinder, Promontory's vice chairman, says the company has eliminated any need to increase the $100,000-per-account ceiling on what the FDIC covers.

``It's not so important anymore, because any depositor who's worried about that can, through CDARS, get very significant amounts of deposit insurance,'' he says.

Edward Kane, senior fellow of the FDIC's Center for Financial Research, says CDARS intercepts FDIC premiums.
``It's portrayed as a public-spirited way to help customers as opposed to a way to game the system,'' he says. ``They've decided there's a loophole that they're in charge of.''

More than 50 banks joined Promontory after IndyMac Bancorp Inc. collapsed in July. Promontory placed more than $10 billion in August. That's up from $1 billion a week in January, says spokesman Phil Battey, who worked in public relations for the FDIC from 1994 to 2003.

Promontory charges banks more in fees, about $12.50 per a $10,000 one-year CD to get access to federally insured funds, than the FDIC itself charges in insurance premiums, typically $5-$7 per $10,000 deposited.

`Tiniest Nibble'

``We take the tiniest nibble,'' says Ludwig, now Promontory's chief executive officer.

FDIC Chairman Sheila Bair says she's surprised that Promontory gets a higher fee than her agency. ``That's an interesting question,'' she says. ``I'll have to look into that.''

To contact the reporter on this story: David Evans in Los Angeles at davidevans@bloomberg.net

                                          ----------- 0 -----------


Regards to all,



freedomfighter
Licensed Life Underwriter
SUN LIFE FINANCIAL
thonycoors7@yahoo.com
0917-5803858


Title: Re: PDIC Coverage
Post by: Bitster on Oct 01, 2008, 10:13 PM
Title: Re: PDIC Coverage
Post by: segurista on Oct 05, 2008, 09:50 PM
Title: Re: PDIC Coverage
Post by: rangel on Oct 05, 2008, 10:26 PM
 :applause: Thanks Bitster...It's Crystal Now. :thankyou:
Title: Re: PDIC Coverage
Post by: SirZap on Oct 21, 2008, 05:59 PM
Title: Re: PDIC Coverage
Post by: philsdutchie on Oct 21, 2008, 07:58 PM
"This will give the pubic a sense of security... There will be a feeling of security among depositors in the face of what is happening in the world," Press Secretary Jesus Dureza said.

I don't want to have a sense or feeling of security,  I want 100% unconditional legal security with the right to seek justice from court.
Title: Re: PDIC Coverage
Post by: segurista on Oct 21, 2008, 10:33 PM
Yes philsdutchie, dumami sana ang mga katulad mo na unti unting namumulat sa katotohanan na walang unconditional security and right to seek justice from court kung matutuloy ang amendments or pagbabago na isinusulong ng PDIC KASABAY NG PAGTAAS NG INSURANCE COVERAGE .................KAILANGAN NATIN NA MAIBAHAGI ANG KAALAMAN NA ITO SA ATING MGA KASAMA SANA ITO AY MAKARATING HANGGAT HINDI PA HULI ANG LAHAT

SEGURISTA
Title: Re: PDIC Coverage
Post by: LAV on Oct 21, 2008, 11:42 PM

"This will give the pubic a sense of security... There will be a feeling of security among depositors in the face of what is happening in the world," Press Secretary Jesus Dureza said.

I don't want to have a sense or feeling of security,  I want 100% unconditional legal security with the right to seek justice from court.


very well said philsdutchie  :rakenrol:
Title: Re: PDIC Coverage
Post by: ellezert on Nov 12, 2008, 12:42 AM
4) The aggregate of the interests or total share of each co-owner over several joint accounts, whether owned by the same or different combinations of individuals, juridical persons or entities, shall likewise be subject to the maximum insured deposit of P250,000.00.

sir segurista...itong # 4 sa PDIC article 2004-04....yung illustration mo na wife/ and or husband.....tapos husband/ and or wife....considered separate ba or iisa lang and PDIC will consolidate it and ang coverage will be only 250T.... will appreciate you clearing on this issue.
Title: Re: PDIC Coverage
Post by: workaholic on Nov 12, 2008, 10:41 AM
Im a new member but I regularly vsit pinoymoneytalk to get tips on how to manage my finances. I just want to ask about the pdic. The bank where i have some deposits closed and before the closure i split my accounts so it will be covered by pdic. I filled up the claim forms and have submitted an affidavit that the pdic requested but until now (more than 6 weeks already) i still cant get my claims. Ive called the pdic office in manila and they said that they are still making the report. Im not so experienced with dealing with any govt agency coz I work in the private sector. Is this really normal in pdic because I've heard that most of the depositirs in this bank have received their claims already. I asked if I should visit the pdic office but the person i talked to told me to just call after 2 weeks. It means I need to wait that long again. To the forumers who have dealt with the pdic, did you experience a similar situation? I dont have any loans with the bank and never was a co-maker of anybody that's why I thought it would be fast to get my claims. Do i need to go to their office?  Im in the province so I hope that I dont need to follow up my claims in the pdic office in manila. I need some advice. Thanks.
Posted on: Nov 12, 2008, 09:39 AM
I forgot, what do they mean by report and also awaiting the examiners report? Does it mean my account have some problems? I hope the veterans in banking would share some insight on whether i still could get my claims or not. :thankyou:
Title: Re: PDIC Coverage
Post by: terminator on Nov 14, 2008, 09:29 PM
Title: Re: PDIC Coverage
Post by: Bitster on Nov 18, 2008, 06:03 PM
Title: Re: PDIC Coverage
Post by: pingles on Nov 18, 2008, 08:58 PM
hi, asko ko lang wala kase ako time na basahin buong thread...you mean, although tataasan na ang PDIC coverage of up to 500k, pero mayron na silang karapatan na i-deny ang nag-kiclaim? under what circumstance naman yun?
Title: Re: PDIC Coverage
Post by: Wizard on Nov 18, 2008, 09:04 PM
Title: Re: PDIC Coverage
Post by: Bitster on Nov 18, 2008, 09:21 PM
Title: Re: PDIC Coverage
Post by: Wizard on Nov 18, 2008, 09:52 PM
Thanks Bitster. I've been reading PMT since last year when I availed of my early retirement. I know you were an Engineer. I can relate to your detailed analysis because I was also an Engineer.
Title: Re: PDIC Coverage
Post by: 2pac on Nov 19, 2008, 01:13 PM
Title: Re: PDIC Coverage
Post by: Bitster on Nov 19, 2008, 05:25 PM
Title: Re: PDIC Coverage
Post by: wintan2006 on Nov 19, 2008, 06:21 PM



Date Issued: 11.10.2008
 


I have a Question concerning this 'Quote' of 'CIRCULAR LETTER NO. CL-2008-071'


Does anyone know if Legacy Consolidated Plans Inc. have any "BSP authority" for "accepting deposits outside bank premises"?


The reason I ask, is that 'Agents' are being asked to "course such Deposit Applications, through LCPI".

Whilst I accept this may be neccessary if one wants to 'convert' these 'bouncing' Checks from a NON-BANK issued 'Pre-Needs' investment with a "Buy Back Agrreement" from Legacy OneCard International,
why should this be called for, in the case of 'fresh funds' into a 90 Day CTD/SSD 'Promo'?

If/when a client was to receive a CTD/Passbook from such Peso Time Deposit, having completed the Banks Forms, signed such Form , and presented ID Photo, and copies of suitable ID, are these resulting Bank documents ('OR' and 'CTD' or SSD 'Passbook') 100% legally issued, and fully covered by the PDIC?

I guess if Bank Certification, was given by the Bank, then that confirms it should be all OK?

Trouble is the client was never told such deposit may be up to 3 weeks, or more, delayed?

Even worse if the CTD/Passbook issued, after such delay, is not fully PDIC covered for some reason (like non-complience with 'CIRCULAR LETTER NO. CL-2008-071')?




Bitster,i thought you are an agent of Legacy,you should be more knowledgeable than the PMT people,it should be you who we need to ask.No offense here Bitster but why do you keep on questioning legacy ,aren't you an agent too?
Title: Re: PDIC Coverage
Post by: hunda on Nov 19, 2008, 06:46 PM
wintan, i have also the same observation like yours regarding bitster's post. literally, he is "biting his own wife, who happens to be an agent of Legacy" by writing such posts. thats probably why he is called "bitster - mang-unay lang pamaak" ...
Title: Re: PDIC Coverage
Post by: hunda on Nov 19, 2008, 09:28 PM
it seems that foreigners like you always keep on complaining this and that, then threatening the company where your wife works as an agent, that BSP circular says this and that .... etc.

in my opinion, you cannot dictate the company what to do according to your wishes. they have their own procedures to follow and if it is not comfortable with your standard, better not deal with them rather than kept on complaining and barking everywhere. you sound like a hostile component because your wife works as an agent of the said company. and you are lucky that the company just tolerated all your threats, grievances, and ungratefulness.

in one of your posts, you said that you need your investment to earn more because your mother-in-law badly needs 60K-80K monthly for medical expenses. yet you kept on intimidating the company with your unpleasant complaints. i cannot understand whats inside your cloudy mind.  
Title: Re: PDIC Coverage
Post by: 2pac on Nov 19, 2008, 09:53 PM
I will read the rest later.... thanks bister for the clarification :)
Title: Re: PDIC Coverage
Post by: wintan2006 on Nov 19, 2008, 10:01 PM



Correction - my wife is the Licensed 'Agent' for Legacy Consolidated Plans Inc.  not me!



David and Salome Whittall
Bitster,if your wife who is already a licensed agent couldn't answer your question,will it be a little bit funny to ask us who isn't an agent?and if you want the email add of CDLA,why don't you just ask your wife to ask the office of legacy where your wife is a licensed agent and i guess that will be your homework since you earn some commision from your clients.We appreciate your sharings  here in PMT  but you are asking the wrong people here because it should be your wife who has to provide us information.As far as i know, you know THE PROFESSOR,why don't you ask him instead and get the first hand info and not from us who are only  investors of Legacy?
Title: Re: PDIC Coverage
Post by: Bitster on Nov 23, 2008, 11:14 AM
Title: Re: PDIC Coverage
Post by: hunda on Nov 23, 2008, 12:58 PM
Was hoping Legacy might take notice of what I was saying since they seem to have ignored e-mails addressed to them, and very difficult getting hold of people on the telephone.  
Forget leaving a Message, and having them call you back!


if legacy won't answer your emails and phone calls, it is wise to go to their office rather than complaining here in the wrong venue. PMT cannot help you, much more cannot issue those certificates that you are grumbling.

Many Foreigners won't Invest in any Philippine Rural Bank, even with PDIC Insured Deposits to Php500,000.

fine, then go and let them find another big foreign banks like that of "Lehman Bros" and invest all your/their funds there!

Sorry that many saw this as a big 'complaint' but think it was justified, since a 'client' was having to wait 4 weeks to receive an 'OR' and his 'CTD'?
I have still not yet received a satisfactory answer regarding the 'DATE' on such 'CTD' either?


told you it is wise to go directly to their office and follow up the matter. there is a saying "If the mountain won't come to Mohammed, then Mohammed must go to the mountain". i am not attacking you (messenger) and i don't know you either.

Title: Re: PDIC Coverage
Post by: wintan2006 on Nov 23, 2008, 05:17 PM
               Any investments have their risks,that's why we don't put all our eggs in one basket.I had invested with RMF and it gave me a passive income of 56k a month and then the news about RMF  scam came out.I lost my principal and a part of my passive income.Did i complain? NO. If there's one to be blamed,it was me.i didn't complain about my late retirement which i had been planning 5 yrs ago.Bitster,you should have other means to earn and not just relying on your wife's commision.i think people in this forum don't care about the medical fee of your mom in law(no offense),everyone here in this foum has their own problem to attend to,even i got my own problem and we don't complain here in the foum.instead of complaining,why not think of other source of income.As of Sept 2008,there were already 7000 companies that have closed down here.Can they complain?
Title: Re: PDIC Coverage
Post by: 2pac on Nov 24, 2008, 01:55 AM
@wintan

balita po dun sa RFM? 7000 companies closed down....hmmm susunod na kaya yung companya ko? next year na lang sana...
Title: Re: PDIC Coverage
Post by: wintan2006 on Nov 24, 2008, 08:59 AM
Title: Re: PDIC Coverage
Post by: Bitster on Nov 24, 2008, 01:03 PM
Title: Re: PDIC Coverage
Post by: wintan2006 on Nov 24, 2008, 09:07 PM
       Bitster,good for you.Let's just pray everything goes well with the businesses and investments of all the PMT people.
Title: Re: PDIC Coverage
Post by: baka on Dec 08, 2008, 11:56 AM
Which is the fastest way to get claims back from pdic?
1. premises of closed bank
2. PDIC office (claims counter)
3. mail
Title: Re: PDIC Coverage
Post by: CuteChinoy on Dec 08, 2008, 12:05 PM
Title: Re: PDIC Coverage
Post by: baka on Dec 08, 2008, 12:10 PM
Title: Re: PDIC Coverage
Post by: CuteChinoy on Dec 08, 2008, 01:23 PM
ty
Title: Re: PDIC Coverage
Post by: tops5450 on Dec 12, 2008, 12:11 AM
Care to explain this scenario guys?

qoute from nemo
I wish to ask you guys for help,

Nagdeposit ako ng 250 thou sa 3 year double your money tapos asawa ko din 250 thou

Yung interest ng 1st year, LUMPSUM binigay na sa amin pagka-place ko pa lang so 33.3% yon tapos dineposit din namin sha sa 3 year DYM same day:

Mine:  250 K
Wife:  250 K
Joint:  166 000 (lumpsum 1st year interest) + 84,000 (galing sa min) = 250K
 
Ngayon, nakaka-8 months na yung deposit ko tapos 3 yung CTDs na hawak ko, magkano kaya ang makukuha namin?

Ifafactor ba nila yung 8 months na interest tapos yung 4 months na lang ng lumpsum interest ang i-minus?

Kasi iba ito sa hybrid dahil yung hybrid, yung interest ng 6th year ang inadvance di ba? So technically, ibabalik mo talaga kasi di naman umabot sa 6th year pero eto 1st year interest tapos naka 8 months na sakto bago nagclose.

Paano kaya ang mangyayari sa joint account? Magkano kaya maibabalik sa amin?
Title: Re: PDIC Coverage
Post by: tokzz on Dec 15, 2008, 06:33 PM
question po:
if i deposited 250k in BPI and another 250k in bpi family savings bank, will PDIC cover yung parehong accounts (500k) ko or hindi (250k lang)?

i'm not sure if bpi and bpi family are treated as different banks by PDIC. can someone enlighten me?
Title: Re: PDIC Coverage
Post by: workoshore on Dec 15, 2008, 06:54 PM
^tokzz, see below from pdic...

Question:
If I have deposits in several different insured banks, will my deposits be added together for insurance purposes?
 
Answer:
No. Deposits in different banking institutions are insured separately. However, if a bank has one or more branches, the main office and all branch offices are considered as one bank. Thus, if you have deposits at the main office and at one or more branch offices of the same bank, the deposits are added together when determining deposit insurance coverage, the total of which shall not exceed P250,000.

******
Personally, I think BPI & BPI Family Bank are of different entity, hence insured separately, kasi meron kami account bpi family, tapos gusto namin mag transact sa bpi, ayaw kasi magkaiba daw sila, kaya nasabi ko na different entity sila...to be sure inquire na lang po sa branch of account... :watchuthink:
cheers... :cool2:
Title: Re: Explanation of PDIC Coverage
Post by: tokzz on Dec 16, 2008, 12:59 PM
@ workoshore,

i called bpi family savings sa kapitolyo branch. they said that different entity nga sila sa bpi so if i have only one bpi account with 250k and only one bpi family account with 250k then covered yung both accounts ko.

thanks dude for the comments! pmt members here are really very helpful  :thankyou:
Title: Re: Explanation of PDIC Coverage
Post by: waterfront on Jan 08, 2009, 11:56 AM
the more you ask questions like this, the longer and the smaller you are going to received from your claims. you are inviting PDIC to dig deeper into your accounts. better leave this nonsense questions for PDIC to resolve and don't guide their hands to hit your own skull with your own battering ram! yabag...
Title: Re: Explanation of PDIC Coverage
Post by: kermit208 on Jan 08, 2009, 06:19 PM

the more you ask questions like this, the longer and the smaller you are going to received from your claims. you are inviting PDIC to dig deeper into your accounts. better leave this nonsense questions for PDIC to resolve and don't guide their hands to hit your own skull with your own battering ram! yabag...
yep dont give PDIC  ideas how to screw us even more.To be honest im pissed of how long this claims is takeing at this rate we might get it back next exmas as long as thay pay monthly intrest untill thay pay out :)
Title: Re: Explanation of PDIC Coverage
Post by: Nemo on Jan 09, 2009, 03:24 PM
Ang alam ko dadaan pa sa court yan sa share ng deceased pag open pa ang bank, but not sure if part of it mapupunta sa govt pero the wife will definitely be the claimant. Sa mga banks na bukas pa, nasabi nyo na ba sa bank na namatay na yung owner? If not, I suggest i-withdraw nyo na muna yung money courtesy of the wife.

Sa closed banks ang di ko sure kasi Im not sure kung insured pa din ba ang depositor miski deceased na- good question ito ha.
Title: Re: Explanation of PDIC Coverage
Post by: tacamonchi on Jan 21, 2009, 11:16 AM
Senate Press Release
January 20, 2009

ROXAS LAUDS OKAY ON 3RD READING OF AMENDED PDIC BILL
SAYS APPROVAL A GIANT STEP TO CUSHION IMPACT OF GLOBAL CRISIS

The Senate has taken a significant step towards helping the local economy cope with the global financial meltdown with its passage on third and final reading of the measure seeking to double insurance coverage for bank depositors, Liberal President Senator Mar Roxas said today.

Roxas, author of the bill which raises the Philippine Deposit Insurance's (PDIC) maximum insurance coverage from P250,000 to P500,000, at the same time expressed confidence the House of Representatives will approve soon its own version of the measure.

"Malaking tulong ito para sa ating mga kababayan na nag-iipon ng kanilang pera sa bangko. Kailangang makasiguro sila na ang perang pinaghirapan nila ay hindi basta-basta mawawala kung sakaling magsara ang bangko kung saan sila may mga bank accounts (This will significantly help workers who have saved their monies in banks. They have to be sure that their hard-earned savings are safe even if their banks closed)," he said.

"We are seeing just the beginning of hard times. Our people need to be confident that their hard-earned savings remain safe while local businesses scramble to deal with the financial tsunami threatening to hit the country hard," he also said.

The increased deposit insurance is expected to favorably affect 97.23% of the country's more than 31 million deposit accounts.

The Ilonggo senator said now that the impact of the global financial crunch is starting to be felt by the local economy, government must work quickly to complete the safety nets it has promised to put up to counter the effects of the meltdown.
Title: Re: Explanation of PDIC Coverage
Post by: waterfront on Jan 21, 2009, 02:20 PM
"We are seeing just the beginning of hard times. Our people need to be confident that their hard-earned savings remain safe while local businesses scramble to deal with the financial tsunami threatening to hit the country hard," he also said.

i tell you Senator Mar Roxas, one of the things that will contribute to bring confidence in the banking system is the swift release of the PDIC insurance claims to the depositors of the recently closed banks. many people are closely watching this scenario and it can affect their future plans when banking is concerned. the longer PDIC delays the payment, people will think that PDIC too is bankrupt and will loss trust and confidence in the banking industry. we don't need super genius minds regarding this aspect. all we need is just common sense.
Title: Re: Explanation of PDIC Coverage
Post by: bauer on Mar 06, 2009, 01:08 PM

Ang alam ko dadaan pa sa court yan sa share ng deceased pag open pa ang bank, but not sure if part of it mapupunta sa govt pero the wife will definitely be the claimant. Sa mga banks na bukas pa, nasabi nyo na ba sa bank na namatay na yung owner? If not, I suggest i-withdraw nyo na muna yung money courtesy of the wife.

Sa closed banks ang di ko sure kasi Im not sure kung insured pa din ba ang depositor miski deceased na- good question ito ha.


Whether the bank is closed or not, the account of the deceased is subject to court proceedings on inheritance issue.  As usual our government takes out 50% tax on assets of the deceased before distribution to the legitimate heirs.
Title: Re: Explanation of PDIC Coverage
Post by: divedog on Jun 10, 2009, 05:37 PM
If the bank has missing documents, your PDIC coverage is worthless...
Title: Re: Explanation of PDIC Coverage
Post by: kermit208 on Jun 10, 2009, 06:13 PM

If the bank has missing documents, your PDIC coverage is worthless...
divedog your talking throuth your bum .the only proof you need is your time deposits to prove you have td in bank. we have no control over what happens in bank after we pay.the 2 court cases that took PDIC to court the judge said that the client (us) have no control over what the bank does with money after we deposit it and ruled in clients favour,saying all we need is td so stop talking crap .
Title: Re: Explanation of PDIC Coverage
Post by: mlangseth on Jun 10, 2009, 06:20 PM
^^^ absolutely, 100% correct !! :rakenrol: sir Kermit ! :applause:
Title: Re: Explanation of PDIC Coverage
Post by: Bitster on Jun 10, 2009, 11:49 PM
Title: Re: Explanation of PDIC Coverage
Post by: LAV on Jun 15, 2009, 10:49 PM
Title: Re: Explanation of PDIC Coverage
Post by: waterfront on Jun 16, 2009, 08:36 AM
LAV, your post is very simple & clear to layman's point of view.

only PDIC refuse to understand their role as an "insurer of all bank deposits" and used Celso's scams to exploit the situation to prolong insurance payments what is due to the depositors.

they should be slapped with all the possible CRIMINAL & CIVIL "damages & loss of business opportunities if lawsuits are brought to courts".
Title: Re: Explanation of PDIC Coverage
Post by: AMARANTH on Jun 17, 2009, 12:42 PM
sigh, the problem does not lie with any of our points and arguments concerning pdic rules because we all know they are mandated to pay if we are just going to discuss about their charter, its the lack of clout to bust their guts and force them to pay what they are suppose to pay.    

Sasabihin lang naman sa iyo "eh ano kung ayokong magbayad, want to sue me then do it huwag puro dada lang and lets see if you can actually win!"   thats the undeniable truth to all this expierience, nobody here has the guts, funds and connections to make something happen.   We can keep cursing and blaming that here but that is as far as anybody here gets-merely venting anger and frustrations.
Title: Re: Explanation of PDIC Coverage
Post by: LAV on Jun 17, 2009, 01:16 PM
Amaranth,

We can not just file the case at the court, because we still have to wait for a clear sign of their move. A case filed too early may just be junked by the court.

There are some technicalities we need to follow in starting a battle. The resources is out of the question. I alone can sponsor everything. At any rate, I will assure you that when the right time comes, and when it is our turn to move, you will see how we set the stage for PDIC. Make sure you are not on our way, because we will not be forgiving to anyone that stands before us. Enjoy the "Coming Soon" show.
Title: Re: Explanation of PDIC Coverage
Post by: divedog on Jun 18, 2009, 12:08 AM

divedog your talking throuth your bum .the only proof you need is your time deposits to prove you have td in bank. we have no control over what happens in bank after we pay.the 2 court cases that took PDIC to court the judge said that the client (us) have no control over what the bank does with money after we deposit it and ruled in clients favour,saying all we need is td so stop talking crap .


Thanks. :) What are the two court cases? Is there Supreme Court decision?
Title: "Depository Awareness Campaign" launched
Post by: Bitster on Jun 18, 2009, 09:12 AM
PDIC inks deal with BSP, banks for safe and responsible banking

http://www.abs-cbnnews.com/video/business/06/17/09/pdic-inks-deal-bsp-banks-safe-and-responsible-banking



Title: Re: Explanation of PDIC Coverage
Post by: ric_TNT on Jun 18, 2009, 10:25 AM
Oh, yung mga ayaw pang gumising, mag deposito na kayo sa bangko para merong magamit sa darating na halalan ang mga kawatan.

Yung isa namang lesser evil, mag tax revolt kuno para naman maka-ipon din siya ng supporters.

Haaaaaay, saan ba patungo buhay natin ? Kung hindi tayo gigising patuloy sa paglubog ang barko natin.

Alam nyo pag me ginawa silang kalokohan, it is shame on them. Pag paulit ulit na nila ginagawa it is "SHAME ON US".

 :harhar:

Title: Re: Explanation of PDIC Coverage
Post by: mlangseth on Jun 20, 2009, 09:24 PM
^^ Thanks sir Ric !!

GIsing mga KABABAYAN ! It is time for us to be united..in one cause !
TO CHANGE HOW PDIC TREATS DEPOSITORS :
WE WANT OUR MONEY BACK!!

Join DEADBOL NOW !! www.deadbol.com
Title: Re: Explanation of PDIC Coverage
Post by: LAV on Jun 23, 2009, 06:37 PM
Let the NAME: CONRADO BANAL III be remenbered forever, for being a political WHORE!!!

We must never forget this name: Conrado Banal, including all his family members, and even all people with the family name BANAL, because they are...BANAL no more!

It is so obvious that Conrado is attacking DEADBOL Group, because he calls us noisy!?!

Isn't it the job of media to be noisy, and now he is irritated because DEADBOL is creating NOISY for them, but music for most Filipinos?

I am sure the sarcastic Conrado Banal III has no reader because he writes article that is going against the sentiment of the majority!

Conrado Banal is trying to please PDIC, in exchange for what? SEX?

Conrado Banal should be condemn, we should boycot the Philippine Daily Inquirer for having writers who gets paid!

But I am proud that even the media can hear our NOISE! Imagine, this is a BIG repect points for DEADBOL that even the noisy maker can hear our noise.

We should all act against Conrado BanalIII

We should not tolerate such media people who is completely bias, and unprofessional buy calling VICTIMS of PDIC as noisy people.

We should not have mercy to people like this! We should set an example that we are not happy with people who is being used by the government to exploit, abuse, and rape victims of this society!

I do not wonder why alot of media people gets killed! This is because of their irresponsible words!

Conrado Banal says, we should not expect 135,000 accounts be examined immediately, mind you, commercial banks have more, and if PDIC can not process 135,000 accounts, how can they manage bigger problems?

The closure of Legacy chain of banks is a blessing in disguise to PDIC, because this is a learning experience for them, to create a system of verifying accounts, so that they may be prepared with huge problems.

Conrado also say that it is impossible to have 14Billion of deposits for 12 banks, because the other 14 rural banks tht close since january 2009 have only 2.8Billion worth of deposits.

Clearly, after being paid, Banal is twisting words to favor PDIC, he did not even do his research that these 12 Rural Banks have 3 times the number of branch compared to the other 14 none related to LFG banks that were also closed down, and none of this has a Metro Manila Branch, which is the source of Liquidity!

Why didn't BANAL ask PDIC if they have already paid the allege 2.8Billion Peso of the other Rural Banks that were not related to Legacy? Didn't he know that depositors from these banks has not also received their insurance claim yet?

Another point to prove that BANAL is paid! Didnt he know that Rural Bank of Paranaque which is Metro Manila based has more than 5Billion Peso worth of deposits, while the rest of the Rural Banks of Legacy only have few hundred of millions per brach, which is only the right number specially if these rural banks also operates in Metro Area of Visayas, or Mindanao!

The war has not yet begun, but I assure you BANAL, if a war will result from your actions, for sure you will not be able to run away in the mess you are creating. Yes, BANAL is a MESS! You and your Family name just lost my trust and respect!

Remember the Word, Conrado Banal III, because he is BANAL no more!

Is Conrado Banal III a screen name? Well if I am getting paid to speak, I wouldn't hide behind my desk!  

Shame on CONRADO BANAL III, I hope there is no more IV part of this name, because he is truely a disgrace to his family!!!
Title: Re: Explanation of PDIC Coverage
Post by: johny on Jun 23, 2009, 11:15 PM
Title: Re: Explanation of PDIC Coverage
Post by: baka on Oct 14, 2010, 11:49 AM
Hi.  Can somebody explain the following clause found in the PDIC charter:

"The Corporation shall not pay deposit insurance for the following accounts or transactions, whether denominated, documented, recorded or booked as deposit by the bank:

1.
2.
3. Deposit accounts or transactions constituting, and/or emanating from, unsafe and unsound banking practice/s, as determined by the Corporation, in consultation with the BSP, after due notice and hearing, and publication of a cease and desist order issued by the Corporation against such deposit accounts and transactions;
4.

Is the clause referring to deposit products that are considered unsafe and unsound, such as the deposits offering extremely high interest rates, just like what Legacy banks used to offer?  Or the clause pertains to the bank in general?

I called PDIC to clarify this and they can't give me a straight answer.  
Title: Re: Explanation of PDIC Coverage
Post by: tops5450 on Oct 14, 2010, 10:33 PM
Unsound and unsafe banking practices is too  vague to identify. :book:

If I were you go for big banks :cool2:
Title: Re: Explanation of PDIC Coverage
Post by: tooweak on Oct 19, 2010, 05:02 PM
^sir tops pwede ba malaman kung ano-ano ang mga big banks na tinutukoy mo?

sensya na newbie pa lang ako pagdating sa mga ganyang bagay...
Title: Re: Explanation of PDIC Coverage
Post by: tops5450 on Oct 19, 2010, 06:18 PM
^sir tops pwede ba malaman kung ano-ano ang mga big banks na tinutukoy mo?

sensya na newbie pa lang ako pagdating sa mga ganyang bagay...


Citibank, HSBC, PNB. Metrobank, BPI, PNB etc
Title: Re: Explanation of PDIC Coverage
Post by: tooweak on Oct 24, 2010, 11:42 PM
^ thanks sir tops... :D

e BDO sir and china bank?
Title: Re: Explanation of PDIC Coverage
Post by: AMARANTH on Jan 12, 2011, 12:06 PM
PDIC nixes 'exorbitant' interest rates on deposit insurance claims
By Lawrence Agcaoili

(The Philippine Star) Updated October 18, 2010 12:00 AM Comments (0)   

MANILA, Philippines - State-run Philippine Deposit Insurance Corp. (PDIC) is set to disallow interest overpayment including unusually exorbitant interest rates from deposit insurance claims as part of the government’s efforts to put an end to fraudulent get-rich-quick schemes.

PDIC president Jose Nograles said the agency’s Legal Affairs section is studying the possibility of treating interest paid by closed banks using unusually exorbitant rates as interest overpayment that represents the difference between the excessively high interest rates paid by the bank and the prevailing market rates at the time of placement.

Nograles pointed out that the interest overpayment would be netted from the amount to be paid for deposit insurance claims to discourage depositors from placing their money in get-rich-quick schemes and at the same time safeguard the Deposit Insurance Fund (DIF) that currently stands at over P60 billion.

He added that the rate reduction would start to apply at the time the deposits were place.

“This is a way to mitigate moral hazard and abuse to the DIF which is the funding source for deposit insurance payouts. Moral hazard occurs when an individual enters into very risky transactions — in this case, deposits in distressed banks in danger of closing or banks involved in fraudulent transactions and offering off-market rates — and transfers the risk to a third party, in this case, to the PDIC,” he explained.

According to him, PDIC noted that “seasoned depositors” deliberately look for distressed banks offering excessive interest rates and are unmindful of the risks because when the bank closes their deposits are covered by insurance.

He added that there are also instances wherein these depositors have already recovered their principals through excessive interest payments prior to closure and are just actually claiming their residual interests from the deposit transaction.

With this, Nograles said there is a need to further amend Section 10 c(8) of the PDIC Charter to enhance said authority to reduce interest rates.

Under Republic Act 3591 PDIC is also authorized to exclude from deposit insurance deposit products found to have emanated from unsafe and unsound banking practices.

Nograles urged the depositing public to remain cautious against banks that offer deposit products with inordinately high interest yields, without corresponding assets to match.

“It is very difficult to combat moral hazard but these proposed measures will prevent fraudulent get-rich-quick schemes from thriving,” he said.

He warned that the Bangko Sentral ng Pilipinas (BSP) has issued Circular 341 that classifies large and high interest rates offered by banks as an unsafe and unsound banking practice.

“This is because a bank cannot operate profitably for long if its interest payment for deposits is higher than its earnings from loans and investments. Under the amended PDIC Charter, a finding of unsafe and unsound banking practice triggers PDIC’s conduct of a special examination of the bank in order to identify remedial measures as well as risks to the DIF,” the PDIC chief stressed.




Post Merge: 1294806010
-----------------------------------------------------------------------

http://www.pdic.gov.ph/index.php?nid1=8&nid2=1&nid=534

PDIC IS JUST A TEXT AWAY


Inquiries on deposit insurance claims status will be a text away when state deposit insurer Philippine Deposit Insurance Corporation (PDIC) starts to implement the TextPDIC project this year in collaboration with Sybase Solutions Corporation. PDIC and Sybase recently signed a memorandum of agreement (MOA) to tap the short message service (SMS) technology to enhance PDIC’s services to the depositing public. Initially, TextPDIC provides the depositing public easy access to information on the status of their claims with PDIC. Other SMS services will be made available to the public once they are fully implemented. TextPDIC facility will be available to subscribers of the major cellular networks.

PDIC President Jose C. Nograles said that TextPDIC makes it easier for depositors to inquire for updates on their claims, as well as ensures prompt and accurate transmission of information to depositors.

Designed to benefit depositors from provinces to save on cost of long distance calls and transportation fare, the TextPDIC project also complements PDIC’s existing depositor assistance facilities such as its Public Assistance Helpdesk, call center, letters, e-mails and web-based inquiry form. This facility helps reduce the number of queries coursed through the Public Assistance Department (PAD), which receives a daily average of 500 queries.

The project will be officially launched this month. The SMS technology has revolutionalized service in the public sector as the number of government agencies adopting the text facility continues to increase through the years because of its affordability and efficiency.


Title: Re: Explanation of PDIC Coverage
Post by: Investor on May 05, 2011, 11:33 AM
Dear fellow pmt,

Is the ITF account still applicable today,or is there new rules now that that pdic new coverage is changed to 500T ?
Where in pdic's website can I see this rule?

Thanks in advance for your help!
Title: Re: Explanation of PDIC Coverage
Post by: Investor on May 09, 2011, 03:41 PM
continue: ... because I wish to make a new ITF account in PSbank, but PSbank Mgr told me that besides my current P500 Thousand Singlename account, a new ITF account to my minor daughter(who is below 7 yrs old) is no longer covered by PDIC, as it will be counted as my name(not my daughter's name) ....IS THIS TRUE ? is their a new pdic rule about ITF accounts in Republic Act RA#9576?
Title: Re: Explanation of PDIC Coverage
Post by: ladydi on Sep 13, 2011, 06:42 PM
Has this been implemented?

PDIC nixes 'exorbitant' interest rates on deposit insurance claims
By Lawrence Agcaoili

(The Philippine Star) Updated October 18, 2010 12:00 AM Comments (0)   

MANILA, Philippines - State-run Philippine Deposit Insurance Corp. (PDIC) is set to disallow interest overpayment including unusually exorbitant interest rates from deposit insurance claims as part of the government’s efforts to put an end to fraudulent get-rich-quick schemes.

PDIC president Jose Nograles said the agency’s Legal Affairs section is studying the possibility of treating interest paid by closed banks using unusually exorbitant rates as interest overpayment that represents the difference between the excessively high interest rates paid by the bank and the prevailing market rates at the time of placement.

Nograles pointed out that the interest overpayment would be netted from the amount to be paid for deposit insurance claims to discourage depositors from placing their money in get-rich-quick schemes and at the same time safeguard the Deposit Insurance Fund (DIF) that currently stands at over P60 billion.

He added that the rate reduction would start to apply at the time the deposits were place.

“This is a way to mitigate moral hazard and abuse to the DIF which is the funding source for deposit insurance payouts. Moral hazard occurs when an individual enters into very risky transactions — in this case, deposits in distressed banks in danger of closing or banks involved in fraudulent transactions and offering off-market rates — and transfers the risk to a third party, in this case, to the PDIC,” he explained.

According to him, PDIC noted that “seasoned depositors” deliberately look for distressed banks offering excessive interest rates and are unmindful of the risks because when the bank closes their deposits are covered by insurance.

He added that there are also instances wherein these depositors have already recovered their principals through excessive interest payments prior to closure and are just actually claiming their residual interests from the deposit transaction.

With this, Nograles said there is a need to further amend Section 10 c(8) of the PDIC Charter to enhance said authority to reduce interest rates.

Under Republic Act 3591 PDIC is also authorized to exclude from deposit insurance deposit products found to have emanated from unsafe and unsound banking practices.

Nograles urged the depositing public to remain cautious against banks that offer deposit products with inordinately high interest yields, without corresponding assets to match.

“It is very difficult to combat moral hazard but these proposed measures will prevent fraudulent get-rich-quick schemes from thriving,” he said.

He warned that the Bangko Sentral ng Pilipinas (BSP) has issued Circular 341 that classifies large and high interest rates offered by banks as an unsafe and unsound banking practice.

“This is because a bank cannot operate profitably for long if its interest payment for deposits is higher than its earnings from loans and investments. Under the amended PDIC Charter, a finding of unsafe and unsound banking practice triggers PDIC’s conduct of a special examination of the bank in order to identify remedial measures as well as risks to the DIF,” the PDIC chief stressed.




Post Merge: 1294806000
-----------------------------------------------------------------------

http://www.pdic.gov.ph/index.php?nid1=8&nid2=1&nid=534

PDIC IS JUST A TEXT AWAY


Inquiries on deposit insurance claims status will be a text away when state deposit insurer Philippine Deposit Insurance Corporation (PDIC) starts to implement the TextPDIC project this year in collaboration with Sybase Solutions Corporation. PDIC and Sybase recently signed a memorandum of agreement (MOA) to tap the short message service (SMS) technology to enhance PDIC’s services to the depositing public. Initially, TextPDIC provides the depositing public easy access to information on the status of their claims with PDIC. Other SMS services will be made available to the public once they are fully implemented. TextPDIC facility will be available to subscribers of the major cellular networks.

PDIC President Jose C. Nograles said that TextPDIC makes it easier for depositors to inquire for updates on their claims, as well as ensures prompt and accurate transmission of information to depositors.

Designed to benefit depositors from provinces to save on cost of long distance calls and transportation fare, the TextPDIC project also complements PDIC’s existing depositor assistance facilities such as its Public Assistance Helpdesk, call center, letters, e-mails and web-based inquiry form. This facility helps reduce the number of queries coursed through the Public Assistance Department (PAD), which receives a daily average of 500 queries.

The project will be officially launched this month. The SMS technology has revolutionalized service in the public sector as the number of government agencies adopting the text facility continues to increase through the years because of its affordability and efficiency.



Title: Re: Explanation of PDIC Coverage
Post by: freelancer_babe on Oct 07, 2011, 06:54 AM
I've tried backreading sa thread na ito, pero di ko lang mahanap if this was discussed.

I wonder what's the PDIC coverage ng BPI. Let's say I have these accounts at BPI:

BPI (regular): P100,000 (savings account)
BPI Family: P250,000 (savings account)
BPI direct: P200,000 (savings account) and P50,000 (time deposit)

If in case BPI folds up, would I just get P250,000 across all accounts? Or do I just get P250,000 each from the subsidiaries (BPI direct and family) and P100,000 for the BPI regular?
Title: Re: Explanation of PDIC Coverage
Post by: annanymous on Apr 05, 2012, 11:22 PM
@freelancer_babe, please see page 14 of this thread, reply #s 195 to 197. BPI, BPI Family and BPI Direct are considered different banks. Hence, maximum insurance for each bank is P500,000 per depositor.
Title: Re: Explanation of PDIC Coverage
Post by: brians on Oct 18, 2012, 09:53 AM
pdic is insured up to 500k

if you have multiple accounts with same account names even if joint account total of more than 500k still pdic insured up to 500k

ewan ko lang sa sda since hindi sya pdic
Title: Re: Explanation of PDIC Coverage
Post by: bauer on Oct 18, 2012, 01:14 PM
^ What i know is that SDA (Special Deposit Account) is lodge with and a special window of our Central Bank to mop up excess liquidity in the system. So base on this premise, it is VERY SAFE than PDIC.

One thing to clarify with your post, Do we need to VERIFY with the bank if their SDA offer is really lodge with the Central Bank to make sure it is safe even without a PDIC guarantee?  If so, how do we do that?
Title: Re: Explanation of PDIC Coverage
Post by: brians on Oct 18, 2012, 03:28 PM
@bauer you mean to say if you have sda sa isang bank pag nag bank holiday pwede mo pa rin claim yun funds mo sa sda 100%?
kasi yan din pag kaintindi ko
Title: Re: Explanation of PDIC Coverage
Post by: AMARANTH on Oct 19, 2012, 01:07 AM
let me tell everybody here two reports i heard this year on how pdic catches depositor using different entities but sourced only by one person


lets say mr Apple deposited money on both his driver and helpers name using his checking account from BDO to fund it.  At the time of closure when pdic tries to validate claims, they were able to trace the driver and maids fund thru computer or whatever methods they use and found out that money came from mr apple's checking account instead when he himself also has an acct maintained on the closed bank.  there is a lot of explaining for you to do when trying to claim.

another report was when pdic had suspicion that lets say that a maid, driver, laborer etc anything considered low income jobs with no background of having rich families or business were able to deposit 500k or multiples of it under coverage because their boss had great idea of maximizing his profit margin, pdic will send letters for an interview of some sorts to question on the source of their funds.


whether or not pdic eventually returned the money this i don't know but it does give you an idea that it would be best to avoid this strategy because of the potential hassles it can cause .



Title: Re: Explanation of PDIC Coverage
Post by: brians on Oct 19, 2012, 07:09 AM
Wala pa rin lusot parang ginawa is

Client a or client 1
   "".      Or client2
   "".       Or. Client 3

Tapos tig 500k total of 1.5M pag claim yan din ang total

Post Merge: 1350601922
^ What i know is that SDA (Special Deposit Account) is lodge with and a special window of our Central Bank to mop up excess liquidity in the system. So base on this premise, it is VERY SAFE than PDIC.   
One thing to clarify with your post, Do we need to VERIFY with the bank if their SDA offer is really lodge with the Central Bank to make sure it is safe even without a PDIC guarantee?  If so, how do we do that?

Dapat updated yun passbooks or sda certificate mu may record ya
Title: Re: Explanation of PDIC Coverage
Post by: Rothschild on Oct 20, 2012, 08:25 AM
siguro nauuso na naman ulit yung " Double Your Money" Scheme ng Legacy\Banco Paranaque kasi pinaguusapan ulit ang Deposit Insurance eh...hahaha
Title: Re: Explanation of PDIC Coverage
Post by: brians on Oct 20, 2012, 09:12 AM
siguro nauuso na naman ulit yung " Double Your Money" Scheme ng Legacy\Banco Paranaque kasi pinaguusapan ulit ang Deposit Insurance eh...hahaha

nung time ni erap as president meron yan even commercial banks nag ooffer nya kaya lang na lugi ang banks sa ganyan pero hindi naman nagsara yun bank
Title: Re: Explanation of PDIC Coverage
Post by: sphinxz on Mar 02, 2013, 11:29 PM
how about ITFs or savings for minors like your child/ren? much more if illegitimate? ikaw as a parent ang nagdedeposit for those accounts. are they considered separate depositors? Thanks
Title: Re: Explanation of PDIC Coverage
Post by: freelancer_babe on Mar 02, 2013, 11:54 PM
how about ITFs or savings for minors like your child/ren? much more if illegitimate? ikaw as a parent ang nagdedeposit for those accounts. are they considered separate depositors? Thanks

ITFs are explained well here (back to the very first post of the thread): http://www.pinoymoneytalk.com/forum/index.php?topic=5318.0

As you see walang kinalaman ang pagiging minor or illegitimate ng anak. The ITF is owned by the child.
Title: Re: Explanation of PDIC Coverage
Post by: sphinxz on Mar 03, 2013, 12:40 AM
thanks freelancer_babe :)
so sa example ni AMARANTH above (yung sa driver/maid situation), instead na ilagay mo sa sarili nilang depository account, what if ITF mo na lang sa kanila? btw, i'm not recommending this ha. hehe curious lang ako sa mga pasikot sikot in terms of finances.
Title: Re: Explanation of PDIC Coverage
Post by: freelancer_babe on Mar 03, 2013, 01:17 AM
so sa example ni AMARANTH above (yung sa driver/maid situation), instead na ilagay mo sa sarili nilang depository account, what if ITF mo na lang sa kanila? btw, i'm not recommending this ha. hehe curious lang ako sa mga pasikot sikot in terms of finances.

I happen to stumble into this. Questionable ang sa non-relatives. 2007 article but it probably applies up to now. http://services.inquirer.net/mobile/07/09/04/html_output/xmlhtml/20070814-82447-xml.html

Title: Re: Explanation of PDIC Coverage
Post by: AMARANTH on Mar 03, 2013, 02:25 AM
sphinxz ,


No can do.  Lest you want to push your luck and see were it goes.

The safest way you can maximize pdic is to only use the names within your family.   Using even your cousins name is to be avoided so need we explain more on non relatives. 


As to the story of the driver that i posted last year, i was able to ask the status of her case just last week in a chance encounter on a restaurant and she still wasn't able to recover the money. 
Title: Re: Explanation of PDIC Coverage
Post by: sphinxz on Mar 03, 2013, 12:11 PM
thanks freelancer_babe for the the link. :)
thanks too, AMARANTH for the additional info and caring to share the update to that case. :)
Title: Re: Explanation of PDIC Coverage
Post by: capsiaw on Mar 12, 2013, 07:48 PM
Hello everybody. I remembered last time i read somewhere in the forum that there was a depositor who went to the PDIC and proposed that the advance interest given by the Legacy bank be deducted from his insurance claim so that the payment of the claim will be speed up. Can you please attached the link to that post? Thank you.
Title: Re: Explanation of PDIC Coverage
Post by: AMARANTH on Dec 11, 2013, 03:10 PM
REGULATORY ISSUANCE NO 2009-02
-------------------------------------------------------
august 26, 2009





I.  statement of policy.

The state thru pdic, safeguards the interest of the depositing public by providing insurance protection on all legitimate deposits held by bonafide depositors.  accordingly, deposit account maintained in the same right and  capacity for the depositors benefit, either in his own name or in the name of others who have no beneficial ownership over the accounts, shall be consolidated and treated as one deposit account for the purpose of deposit insurance coverage.




II.   use or issuance of deposit insurance statement.



the making, use or issuance of bank advertisement, marketing proposals or strategies, and other similar statements or issuances, which directly or indirectly offer, promise, represent or promote    or   (b).  deposit insurance coverage that is (a).  a separate and distinct pdic deposit insurance cover for deposit accounts maintained in the same right and capacity of a depositor, either in his own name or in the name of others, who have no beneficial ownership over the account/s;inconsistent with and otherwise violative of the laws, rules, regulation and/or policies on beneficial ownership and deposit splitting are strictly prohibited.


as used in this issuance, the concept of "beneficial ownership" exist when a deposit is maintained in the same right and capacity for a depositors benefit, whether in his own name or in the name of others.



http://www.pdic.gov.ph/index.php?nid1=7&nid2=1&rid=112
Title: Re: Explanation of PDIC Coverage
Post by: leearanas on Jul 08, 2016, 10:40 AM
Tnx po!
Title: Re: Explanation of PDIC Coverage
Post by: paige backer on Feb 04, 2018, 01:07 AM
Here are definitions of some terms:

Insured deposit refers to the amount due to any depositor for deposits in an insured bank net of any obligation of the depositor to the insured bank as of the date of closure, but not to exceed the Maximum Deposit Insurance Coverage. Effective June 1, 2009, the Maximum Deposit Insurance Coverage is P500,000.00 per deposits per bank.

Single accounts are accounts maintained solely by a depositor (natural person or juridical entity/organization). In-Trust-For (ITF) and By Accounts are also considered single accounts. In the case of account name: (1) Maria ITF Jose; or, (2) Jose By Maria, the owner is Jose for both accounts.

In determining the insured deposit of single accounts, all deposits in the bank maintained in the same right and capacity for his benefit either in his own name or in the name of others shall be added together. Total insured deposit should not exceed the Maximum Deposit Insurance Coverage of Php500,000. Single accounts are insured separately from joint accounts up to the Maximum Deposit Insurance Coverage of Php500,000.

Joint account is an account held jointly by two or more natural persons, or by two or more juridical persons or entities. Joint account regardless of whether the conjunction “and,” “or,” “and/or” is used, shall be insured separately from any single or singly-owned deposit account.

If the account is held jointly by two or more natural persons, or by two or more juridical persons/entities, the maximum insured deposit shall be divided into as many equal shares as there are natural persons or juridical entities, unless a different sharing is indicated in the deposit document.

If the account is held by a juridical person/entity jointly with one or more natural persons, the maximum insured deposit shall be presumed to belong entirely to such juridical person/entity

The aggregate of the interests of each co-owner over several joint accounts, whether owned by the same or different combinations, shall likewise be subject to the Maximum Deposit Insurance Coverage of Php500,000.