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Dear PAO,My parents have individual savings accounts amounting to P1,000,000 each. Unfortunately, the bank where they maintain an account declared bankruptcy and eventually closed. We tried to claim the deposit insurance coverage, and we were informed that my parents can only claim P500,000 each. Is this correct? AvaDear Ava, Under Section 5 (k) of Republic Act (RA) 3591, otherwise known as the PDIC Charter, as amended by RA 10846, the maximum amount of insurable coverage that can be claimed by a depositor is P500,000 only regardless of the number of accounts in a bank. It states: SEC. 5. As used in this Act - xxx (k) The term insured deposit means the amount due to any bona fide depositor for legitimate deposits in an insured bank as of the date of closure but not to exceed Five Hundred Thousand Pesos (P500,000.00). Such amount shall be determined according to such regulations as the Board of Directors may prescribe. In determining such amount due to any depositor, there sha

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