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When MANILA Bank folded up due to insolvency, Bong had the following separate deposits in his name: P200,000 in savings deposit; P250,000 in time deposit;

When MANILA Bank folded up due to insolvency, Bong had the following separate deposits in his name: P200,000 in savings deposit; P250,000 in time deposit; P50,000 in current account; Pl million in a trust account and P3 million in money market placement. Under the Philippine Deposit Insurance Corporation Act, how much could Bong recover? Explain and cite the applicable legal provision

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