PDIC shall pay deposit insurance on all valid deposits up to the Maximum Deposit Insurance Coverage of Php500,000, per depositor, of a closed bank. Accounts maintained in the same right and capacity for a depositor’s benefit, whether in his own name or in the name of others, are covered by deposit insurance.
Deposits are considered valid upon the determination by the PDIC, based on bank records, that the deposits were made with a corresponding inflow of cash.
Click the link below to download the brochure of PDIC regarding basic information on the scope of the deposit insurance and the application of the maximum deposit insurance.
Source of Image / Document: Philippine Deposit Insurance Corporation website