At various times we have made deposits in some of the riskier Philippine banks such as Rural Banks and Savings Banks. At the time they offered excellent interest rates on insured deposits. Of course, these banks are anxious for your deposits and can give highly dubious guidance as to various ways to exceed the Philippine Deposit Insurance Corporation limit of P500,000 per depositor. You will be taking a very big risk taking the bank’s advice. Each depositor is entitled to P500,000, nothing more. For example, we have been told that we can open three accounts (one for myself, one for my wife and one joint account) and that they will all be insured. We have been told to open accounts in trust for our children, that these accounts will be insured. The simple fact is that there is no way for any individual to receive more than the P500,000 PDIC cap. We have scanned the official PDIC brochure. Click on the the following link. PDIC
Also keep in mind that even if your deposits are insured under PDIC guidelines, the process of collecting on the PDIC insurance is not an easy one. Likely you’ll eventually get your insurance settlement, but it’s not going to happen quickly or easily.