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PHILIPPINE DEPOSIT
INSURANCE
NOTICE
The following provisions shall form part of the Terms and
Conditions of Deposits, i.e. passbook, CTD or similar instrument.
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DEPOSIT INSURANCE
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Deposits
are insured by the Philippine Deposits Insurance Corporation (PDIC) up to a
maximum amount of One Hundred Thousand Pesos (P100, 000.00) per
depositor.
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PDIC shall presume that the name/s appearing on the
deposit instrument is/are the actual/beneficial owner/s of the deposit,
except as provided herein.
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In case of transfers or break-up of deposits, PDIC shall
recognize actual/beneficial ownership of transferees who are qualified
relatives of the transferor. Qualified relatives are transferees within the
third degree of consanguinity or affinity of the transferor.
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In case of (a) deposits in the name of, or transfer or
break-up of deposits in favor of, entities, either singly or jointly with
individuals, and (b) transfers or break-up of deposits in favor of
non-qualified relatives, whenever such transfers/break-up will result in
increased deposit insurance coverage, PDIC shall recognize ownership of the
entity or transferee provided that the deposit account records show the
following:
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details or information establishing the right and
capacity or the relationship of the entity with the individual/s, or
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details or information establishing the validity or
effectively of the deposit transfer, or
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copy of the Board Resolution, order of competent
government body/agency, contract or similar document as required/provided
by applicable laws.
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In the absence of any of the foregoing, PDIC shall deem
the outstanding deposit as maintained for the benefit of the transferor
although in the name of the transferee, subject to consolidation with the
outer deposits of the transferor.
PDIC may require additional documents from the depositor
to ascertain the details of the deposits transfer or the right and capacity
of the transferee or his relationship to the transferor.
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