Section 11April 29, 2009, Sec./Art. 11

Section 21, paragraph (f)(5) is hereby amended to read as follows.

"5) splitting of deposits or creation of fictitious loans or deposits accounts.

"Splitting of deposits occurs whenever a deposit account with an outstanding balance of more that the statutory maximum amount of insured deposit maintained under the name of natural or juridical persons is broken down and transferred into two (2) or more accounts in the name/s of natural or juridical persons or entities who have no beneficial ownership on transferred deposits in their names within one hundred twenty (120) days immediately preceding or during a bank-declared bank holiday, or immediately preceding a closure order issued by the Monetary Board of the Bangko Sentral ng Pilipinas for the purpose of availing of the maximum deposit insurance coverage."