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RA 9302 Philippine Deposit Insurance Corporation Act other deposits of the owners of such trust funds

(another GOCC Government Owned Corporation) or the beneficiaries (Banking Laws and
Jurisprudence, Dizon and Dizon, 2006)
Purpose: -Managing account for others;

1. To create a government-owned entity, PDIC.  Where a fiduciary bank deposits trust funds in
other insured banks, the amount shall be
2. To insure the deposit liability of banks in an considered as deposit liability of the bank in
account up to 500,000.00 for every single which such funds are so deposited
depositor of each bank irrespective of the
number of accounts therewith (RA 3591 as PDIC Functions: Specific Risk Insured Against
amended by RA 9576, April 29, 2009)
 Exclusions (Sec. 3, Regulatory Insurance No.
3. To promote and safeguard the interest of the 2011-02)
depositing public by way of providing
permanent and continuing insurance coverage  PDIC shall not pay deposit insurance for the
on all insured deposits. following accounts or transactions whether
denominated, documented, recorded or booked
as deposits by the bank:
PDIC Functions: Insurance
1. Investment products such as bonds and
 Nature- compulsory insurance on all bank securities, trust accounts and other
deposits. similar instrument which do not fall under
the definition of a deposits.
 Coverage: Concept of Insured Depositors- the The following features may be
net amount to any depositor for deposits in an considered as grounds for determining
insured bank, after deducting any offsets, but that a product is an investment.
should not exceed 500,000.00 (RA 3591 as
amended by RA 9576, April 29, 2009) a. No debtor-creditor relationship exists
between the bank and the client
 if the depositor has 2 or more accounts with the b. Relationship between the bank and the
same bank, the maximum coverage pertains to client is either that of a trustee-trustor or
the sum of all such accounts maintained in the an agent-principal:
same right and capacity c. Principal amount is not protected:
d. Amount deposited is not withdrawable on
 In determining such amount due to any demand; and/or,
depositor, there shall be added together all e. Other analogous features.
deposits in the bank maintained in the same
right and capacity for his benefits either in his 2. Deposits accounts or transactions which are
own name or in the name of others (with unfunded, fictitious, and fraudulent.
authorization, transfer deposits to other,
example nag abroad so walay nagagamit sa - A deposit account or transaction shall
account) be deemed unfunded when no money
or equivalent (of money) is received by
 Foreign currency deposits are covered under the a bank for such account or transaction.
provision of RA 3591 as amended and (wala nay sulod na kwarta, not
insurance payment shall be in same currency in necessarily walay naga sulod; as long
which the insured deposits are denominated as wala nay sulod ang bank account)
(Sec 9, RA 6426, Circular No. 1389, 1993)
- A deposit account or transaction shall
Note: The PDIC law is not applicable to be deemed fictitious when it is
offshore banking units (P.D No. 1034) simulated, feigned or is not genuine
deposit account or transaction, e.g.
 Trust funds held by an insured bank in a Money or Equivalent (of money) was
fiduciary capacity whether held in trust or made to appear to have been received
deposited in any other department or in another by a bank, or the deposit account or the
bank shall be insured like other forms of name of the depositor does not appear
deposits in an amount not to exceed P10,000 for in the records of the bank. (the account
each trust estate; such insurance shall be does not really exist)
separate from and addition to that covering
- A deposit account or transaction shall PDIC Functions: Payment of Insured Deposits
be deemed fraudulent whenever the
bank and/or depositor knowingly Condition Precedent for Entitlement to Payment
employ means calculated to deceive - Filing of claim within 24 months from
order of closure.
3. Deposit accounts or transactions
constituting and/or emanating from, unsafe Manner of Payments (Sec. 14)
and/or unsound banking practices as - Cash
determined by the PDIC, in consultation
with BSP after due notice and hearing and - Transferred deposit- a deposit in an
Publication of the DCD issued by the PDIC insured bank made available to a
against such deposit accounts or depositor by the PDIC as payment of
transactions in accordance with Section 4 the insured deposits of such depositor
of this regulatory insurance. (under GBL in a closed bank and assumed by
2000) another insured bank. (Sec 4(h))

4. Deposits that are determined to be the Payment of Insured Deposits as Preferred Credit
proceeds of the Unlawful activity as under Art.2244 of the Civil Code (Sec 15)
defined under Republic Act No. 9160, as - All payments by the corporation of
amended in accordance to the following insured deposits in closed banks
rules. partake of the nature of public funds,
and as such must be considered a
- Payment of deposits insurance shall be preferred credit similar to taxes due to
deferred on any deposit which the the National Government in the order
subject matter of any freeze order civil of the preference under Article 2244 of
forfeiture proceedings, money the New Civil Code: Provided further,
laundering case or any other case that this preference shall be likewise
involving an Unlawful Activity, effective upon liquidation proceedings
pending before the department of already commenced and pending as of
Justice, Office of the Ombudsman or the approval of this Act, where no
the regular court. distribution of assets has been made.

- Deposits insurance payments shall only Recognition of Owner (Sec. 16)

be made upon a final judgment
effectively holding that the deposits do - General Rule: PDIC or any insured
not constitute proceeds of an Unlawful bank is not required to recognize as the
Activity. owner of any portions of a deposits
appearing on the records of a closed
- Deposits determined with finality by bank under a name other than that or
the courts to be proceeds of an the claimant, any person whose name
Unlawful Activity shall not be paid or interest as such owner is not
deposit insurance. disclosed on the record as such closed
bank as part owner of said deposits, if
- For the purposes of this issuance, the such recognition would increase
phase “proceeds of an unlawful deposits in such closed bank.
activity” shall be understood to include
deposits whose proceeds are related to - Exception: If such deposits would
an Unlawful Activity as defined under NOT increase the aggregate amount of
the Republic Act No. 9160, otherwise the insured deposits in such closed
known as the Anti-Money Laundering bank.
Act of 2001, as amended (Sec. 6,
Regulatory Issuance 2011-02).
PDIC Functions: Rule (Sec. 4 [g])
PDIC Functions: Assessment (Sec. 6) 1. PDIC liability is on a per bank basis accounts in
a bank, even though in several branches, are to
The PDIC assess and collects insurance be added together, provided that they are
assessments from member-banks to insure members- maintained in the same capacity and the same
banks deposit accounts. right for his benefit either in his own name or in
the name of others.
- Capacities: individual account joint of such liability by such liability depositor or any other
“and” account, joint “and/or” account. liable therefor.

2. The insurance premiums are to be paid by the PDIC Functions:

insured bank, not the depositors.
Effect of Payment by PDIC to the Depositor of His
3. In case depositors account is more than the Insured Deposit:
insurance coverage, the balance may still be
recovered from the PDIC after the final a. Discharges the PDIC from further liability (Sec.
liquidation of the remaining assets of the closed 16)
bank. (pwede mabalik imong remaining b. Subrogates the PDIC to all the right of the
balance if naa pay mabilin sa insured bank). depositors against the closed bank to the extent
of such payment (Sec. 15)
4. A joint account regardless whether the
conjunction “and”, “or” “and/or” is used, shall Statutory Liability
be insured separately from any individually-
owned deposit account. -liability of PDIC rests upon the existence of
deposits with the insured bank, not on the negotiability
a. If the account is held jointly by two or more or non-negotiability of certificates evidencing these
natural persons, or by two or more judicial deposits. The fact that a bank instrument provides that
persons or entities, the maximum insured the certificate is insured by the PDIC does not ipso facto
deposit shall be divided into as many equal make the latter liable for the same; the deposit liability
shares as there are individuals, juridical of the PDIC is determined by the provisions of RA 3519
persons or entities, unless a different (PDIC vs. CA, GR No. 118917. December 22, 1997).
sharing is stipulated in the document of
deposit. PDIC Functions:

b. If the account is held by a juridical person A. Authority to Terminate

or entity jointly with one or more natural 1. Continued engagement in unsafe and unsound
persons, the maximum insured deposit shall banking practices
be presumed to belong entirely to such
juridical person or entity; provided further, 2. Should any insured bank fail or refuse to pay
that the aggregate of the individuals, any assessment required to be paid, and should
juridical persons or entities, shall likewise the bank not correct such failure or refusal
be subject to the maximum insured deposit within 30 days after written notice has been
of 500,000.00 (RA 3591 as amended by RA given to an officer of the bank and stating that
9576, April 29, 2009) the bank has failed or refused to pay as required
by the PDIC, may at its discretion, file a case
5. No owner/holder of any negotiable certificate for collection before the appropriate court
of deposit shall be recognized as a depositor without prejudice to the imposition of
entitled to the right provided unless his name is administrative sanctions on the bank officials
registered as owner/holder thereof in the books responsible for the nonpayment (Sec 6 [h]).
of the issuing bank.

B. Bank Examination (Sec. 7)

- Under the new law, PDIC’s authority to
PDIC Functions: Withholding of Payment (Sec. 6 [d]) examine its member banks, with prior
approval by the Monetary Board has
General Rule: Payment of insured deposit may be been restored.
offset to pay for any liability of the depositor to the
closed bank or its receiver. C. Bank Rehabilitation (Sec 17)
- The PDIC in the discretion of its Board
Exception: PDIC may withhold payment of such of Directors, may grant financial
portion of the insured deposit of any depositor in a assistance to distressed banks if it is
closed bank for the payment of any liability of such proven to be a less distressed banks, if
depositor as a stockholder of the closed bank or of any it is proven to be a less costly
liability of the depositor to the closed bank or its alternative than closure or determine
receiver WHICH IS NOT OFFSET against a claim due that the actual payoff and liquidation
from such bank, pending the determination and payment thereof will be more expensive than the
exercise of such power, when in the
opinion of the Board of Directors, the bank declared bank holiday, or
continued operation of such bank is immediately preceding a closure order
essential to provide adequate banking issued by the Monetary Board of the
service in the community or maintain Bangko Sentral ng Pilipinas for the
financial stability in the economy. purpose of availing of the maximum
D. Receivership of Closed Banks deposit insurance coverage; (As added
- Once a bank is ordered closed by the by RA 9302, 12 August 2004; as
Monetary board (MB) of the Bangko amended by RA 9576. 29 April 2009)
Sentral ng Pilipinas, the PDIC is
designated as statutory receiver. The - The penalty of prison mayor or a fine
PDIC upon receipt of the MB of not less than 50,000 pesos but not
resolution ordering the closure of a more than 2million or both at the
bank, immediately physically takes discretion of the court shall be imposed
over the closed bank. Receivership is upon any director, officer, employee or
the stage within which the PDIC agent of a bank.
manages the affairs of the closed bank
and preserves its assets for the benefit PDIC Functions: Prohibition against issuance of TRO’s,
of creditors (Sec 10 [a,b]) etc.

E. Liquidation of Closed Banks - No court except the Court of Appeals,

shall issue any temporary restraining
- After it is determined that the closed order, preliminary injunction or
bank cannot be rehabilitated, the PDIC preliminary mandatory injunction
shall recommend the liquidation of the against the Corporation for any action
assets of the closed bank. Liquidation under this Act. (As added by RA 9302,
refers to the recovery and conversion of 12 August 2004). This prohibition shall
assets into cash for distribution to all apply in all cases, disputes or
creditors in accordance with the order controversies instituted by a private
of creditor preference pursuant to law. party, the insured banks or any
shareholders of the insured bank (As
- There are substantial differences in the added by RA 9302, 12 August 2004).
procedure for involuntary dissolution
and liquidation of a corporation under - The Supreme Court may issue a
the Corporation Code, and that of a restraining order or injunction when the
banking corporation under the New matter is of extreme urgency involving
Central Bank Act, so that the a constitutional issue, such that unless
requirements in one cannot simply be a temporary straining order is issued,
imposed in the other. PDIC as grave injustice and irreparable injury
liquidator of insolvent bank, does not will arise. The party applying for the
need to secure a tax clearance before issuance of a restraining order or
court’s approval of the projects of injunction shall file a bond in an
distribution of the bank’s assets. amount to be fixed by the Supreme
Court, which bond shall accrue in favor
of the Corporation if the court should
PDIC Functions: Prohibition against splitting of finally decide that the applicant was not
deposits entitled to the relief sought. (As added
by RA 9302, 12 August 2004).
- Splitting of deposits occurs whenever a
deposit account with an outstanding - Any restraining order or injunction
balance of more than the statutory issues in violation of this Section is
maximum amount of insured deposit void and of no force and effect and any
maintained under the name of natural judge who has issued the same shall
or juridical persons is broken down and suffer the penalty of suspension of
transferred into two (2) or more atleast 60 days without pay. (As added
accounts in the name/s of natural or by RA 9302, 12 August 2004).
juridical persons or entities who have
no beneficial ownership on transferred
deposits in their names within 120 days
immediately preceding or during a
Specific Functions of the PDIC

The PDIC serve the following functions:

a. Deposit Insurer
b. Co-regulator of banks
c. Receiver and liquidator of closed banks

Types of Deposits insured by the PDIC

Deposits in the following banks are insured by the


1. Commercial banks
2. Savings and mortgage banks
3. Private development banks
4. Cooperative banks
5. Savings and loan associations
6. Branches and agencies in the Philippines of
foreign banks
7. Other corporations authorized to perform
banking function in the Philippines. (apil ang
universal banks)