PDIC raises PHP240.5-M in asset sale from public biddings

The Philippine Deposit Insurance Corporation (PDIC) generated PhP240.5 million from the sale of 548 closed banks’ properties via seven public biddings held in Manila and a regional public bidding held in Davao City from January to September 2019.

Collectively, the public biddings yielded an aggregate premium of PhP60.2 million over the total minimum disposal price of PhP180.3 million. Proceeds from the sale of closed banks’ properties are added to the pool of funds of these closed banks to help increase the chances of creditors and uninsured depositors to recover their trapped funds. Settlement of creditors’ claims is in accordance with the rules on concurrence and preference of credits.

The sale proceeds of PhP240.5 million for 548 properties represented 46.4% of the aggregate disposal price of PhP518.8 million. This is higher by 44.7% compared to the total sale proceeds of PhP166.2 million and 258% more than the 153 properties sold in the public biddings held in the same period last year.

Properties sold consisted of residential, commercial, and industrial lots, some of which have improvements. A lahar lot, commercial condominium unit and a number of motor vehicles were also sold during the public biddings.

The expeditious liquidation of assets is one of the strategic directions of the PDIC as liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings. Interested buyers are encouraged to visit the PDIC Assets for Sale microsite at http://assetsforsale.pdic.gov.ph for information on the inventory of available assets for sale. The microsite may also be accessed via the PDIC website, www.pdic.gov.ph.

Unsold assets from public biddings may be acquired by interested parties via negotiated sale. Prospective buyers may communicate with the PDIC Public Assistance Department at (02) 8841-4141 or at e-mail address pad@pdic.gov.ph for more information. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-7342 or 1-800-1-888-PDIC. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC.

(The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PHP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.)

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