Philippine Deposit Insurance Corporation (PDIC)

• PDIC shall commence the determination of insured deposits due the depositors of a closed bank upon its actual takeover of the closed bank.
• When a depositor has both an individual account and a joint account, the maximum proceeds he can get from PDIC for his or her insured deposits is P1,000,000.
• 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.
• The depositor shall retain his or her claim for any uninsured portion of his or her deposit, which legal preference shall be the same as that of the subrogated claim of PDIC for its payment of insured deposits.