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FREQUENTLY ASKED QUESTIONS    What is the Philippine Deposit Insurance Corporation (PDIC)? What is PDIC’s overall mandate? What are the functions of PDIC? What is PDIC’s maximum deposit insurance coverage? What is an insured deposit? Are all banks members of PDIC? What types of deposits are insured by PDIC? What specific risks to a bank does PDIC cover? Shall the depositor pay any insurance premium to PDIC? How is insurance coverage determined? Can PDIC insurance coverage be increased by having several accounts in the same name in an insured bank? If I have deposits in several different insured banks, will my deposits be added together for insurance purposes? Is there a need for a depositor to file his claim for insured deposit with PDIC? When should the depositor of a closed insured bank file his claim with PDIC? What happens when the depositor of a closed bank fails to file his claim within the 24-month period? How long does it take PDIC to settle a claim for insured deposit? What processes are involved before PDIC starts servicing claims? How long does the pre-settlement examination take? If the deposit account in a closed bank is more than P500,000.00, what happens to the excess of the maximum amount of insured deposit?

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