Do you check your bank on how much of your deposit is insured? In the Philippines, we have the PDIC (Philippine Deposit Insurance Corporation) which is a requirement of the Central Bank. That means bank deposits are automatically insured by PDIC. And the coverage is up to 500,000 pesos, that’s around $10,000. So if you have lots of money in the bank, you can open several accounts to spread your money and gain full coverage of the insurance.