^ Okay,
(1) Making sure that your deposits in BPI are covered by PDIC is nothing to be concerned about. If a bank as huge and as integral to the Philippine economy as BPI closes down, it has far more worrisome implications. That could mean anything from the Philippine Peso becoming worthless, the economy as a whole going down the drain, and inflation going through the roof. Even if PDIC paid you back 100x your deposit, the money they pay you with could have no value at all. If BPI closes down, your savings will be the least of your worries.
BUT if you really want to, open one single account (any account) in your name, and that will be covered 500k. Open another JOINT account with your anak (any account, ITF, in the same bank), and that will also be fully covered by PDIC.
(2) You say you want to preserve your 800k capital in those accounts, but that money is actually losing purchasing power each year they stay in those accounts. What is their annual interest rate, 0.25%-0.75%? Meanwhile, inflation is at ~4%. Your 800k is earning a measly 6k/year at most in those accounts, but at the same time, it is losing as much as 32k in purchasing power each year. It's like losing 26k each year, just money flushed down the toilet.
(3) If this huge sum of money is your emergency fund -- like, you live a dangerous kind of lifestyle where you see yourself suddenly needing 800k, like RIGHT NOW -- then fine, leave it in those accounts. But understand #2. That 800k now won't be able to buy the same amount of things next year and the years after that.
(4) This is the BPI investments thread and those savings accounts are not investments. If you want to grow instead of just "preserve" that 800k (for anything, really: college fund, car, house, vacation, retirement), then we in this thread can help out.
