Section 4(f) of
R.A. No. 3591, as amended by R.A. No. 9576 states that deposit means the unpaid
balance of money or its equivalent received by a bank in the usual course of
business and for which it has given or is obliged to give credit to a
commercial, checking, savings, time or thrift account, or issued in accordance
with Bangko Sentral rules and regulations and other applicable laws, together
with such other obligations of a bank, which, consistent with banking usage and
practices.
Section 2(d) of
PDIC Regulatory Issuance No. 2011-0221 states that for deposit to be considered
as legitimate, it should be 1) received by a bank as a deposit in the usual
course of business; 2) recorded in the books of the bank as such; 3) opened in
accordance with established forms and requirements of the BSP and/or the PDIC.
Further, in
Phil. Deposit Insurance Corp. v. CA, this Court held that in order for the
claim for deposit insurance with the PDIC may prosper, it is necessary that the
corresponding deposit must be placed in the insured bank.
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