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3. Jose and his wife, Perla, opened and maintained the following
accounts with Allied Bank Recto. (a) Savings deposit – P300,000;
(b) Demand deposit – P400,000; (c) Time deposit - P350,000.
They also have the same deposits with the same amount in Allied
Bank Makati. If Allied bank becomes insolvent the Philippine
Deposit Insurance Corporation will be bound to be liable to the
spouses for its insurance liability equivalent to
a. Two deposits.
b. One deposit.
c. Six deposits.
d. Three deposits.