Professional Documents
Culture Documents
Insurable Deposit – all deposits of any bank are insured with the
Philippine Deposit Insurance Corporation. Insured Deposits under
the law means the net amount due to any depositor for deposits in
an insured bank (after deducting any offsets) but should not exceed
P500,000.00. If the depositor has two or more accounts with the
same bank, the maximum coverage of P500,000.00 pertains to the
sum of all such accounts maintained in the same right and
capacity. (Sec 3 (g) of R.A. No. 3591 as amended by R.A. 9576
The liability of the PDIC for insured deposits rests upon the
existence of deposits with insured bank, not on the negotiability or
non-negotiability of the certificates evidencing these deposits. In
fact, the claimant cannot recover even if he can present a negotiable
certificate of deposit if there is actually no deposit. (PDIC vs CA)
The claim must be filed within 2 years from actual take over by
the receiver.
Exceptions:
2. Impeachment cases
3. UNCLAIMED BALANCES
5. CLASSIFICATIONS OF BANKS
6.2DOSRI ACCOUNTS
The New Central Bank Act vests the BSP with the sole power
and authority to issue currency within the territory of the
Philippines. No other person or entity, public or private, may put
into circulation notes, coins, or any other object or document
which, in the opinion of the Monetary Board, might circulate as
currency, nor reproduce or imitate the facsimile of Banko Sentral
notes without prior authority from the Bangko Sentral (Sec 30,
NCBA)
d. The bank has willfully violated a cease and desist order under
Section 37 that has become final, involving acts or transactions
which amount to fraud or a dissipation of the assets of the
institution.
How does the SRC protect the public who wishes to invest in
securities?
The Insolvency Law (Act No. 1956) which was passed in 1909,
remains to this date, the principal special legislation on the matter.
Act 1956 deals with three situations: (1) suspension of payments,
for a debtor who possesses sufficient property to cover all his debts
but foresees the impossibility of meeting them when they
respectively fall due; (2) voluntary insolvency for a debtor applying
to be discharged from his debts and liabilities amounting to the
then sizeable amount of 1000 pesos and (3) involuntary insolvency
or an adjudication of insolvency made on petition of three or more
creditors of an insolvent debtor
To all my students!
Please refer to the law indicated for further readings. You may also
refer to the Reviewer in Commercial Law by Sundiang and Aquino
for your reference.
Lenon