Description
The Compulsory Motor Vehicle Liability Insurance Law, is covered under Chapter VI of the INSURANCE CODE (PD 612, signed by President Ferdinand E. Marcos on the 18th day of December, 1974; and now amended by REPUBLIC ACT No. 10607, which was approved and signed by President Benigno S. Aquino, III on August 15, 2013, embodied specifically in SECTIONS 386 and up to 402 of the amended code.
It’s a good thing because the law gives the owner or operator of a motor vehicle the option of either to:-secure an insurance policy or surety bond issued by any insurance company authorized to transact business in the Philippines, or, to make a cash deposit.
