Skip to main content

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

By

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.)

Labels:

Comments

Post a Comment

Popular posts from this blog

Empanada festival: A celebration of good taste and good life

By
By Dominic B. dela Cruz & Leilanie G. Adriano Staff reporters BATAC CITY—If there is one thing Batac is truly proud of, it would be its famous empanada-making business that has nurtured its people over the years. Embracing a century-old culture and culinary tradition, Batac’s empanada claims to be the best and tastiest in the country with its distinctive Ilokano taste courtesy of its local ingredients: fresh grated papaya, mongo, chopped longganisa, and egg. The crispy orange wrapper and is made of rice flour that is deep-fried. The celebration of this city’s famous traditional fast food attracting locals and tourists elsewhere comes with the City Charter Day of Batac every 23 rd  of June. Every year, the City Government of Batac led by Mayor Jeffrey Jubal Nalupta commemorate the city’s charter day celebration to further promote its famous One-Town, One Product, the Batac empanada. Empanada City The Batac empanada festival has already become...
9 comments
Read more

Free dormitories eyed for Nueva Era students in LC, Batac

By
 Nueva Era mayor Aldrin Garvida By Dominic B. dela Cruz ( Staff Reporter) Nueva Era , Ilocos Norte—The municipal government here, headed by Nueva Era mayor Aldrin Garvida is planning to establish dormitories in the cities of Laoag and Batac that will exclusively cater to college students from the said cities. “Sapay la kuma ta maituloyen iti mabiit tay ar-arapaapen tayo ken iti munisipyo a maipatakderan kuma dagiti annak tayo a college students nga agbasbasa idiay siyudad iti Batac ken Laoag iti libre a dormitoryo a bukod da ngem inggana nga awan pay ket an-anusan mi paylaeng nga ibaklay kenni apo bise mayor iti pagbayad da iti kasera aggapu iti bukod mi a suweldo malaksid dagitay it-ited iti munisipyo ken iti barangay nga stipend da kada semester, ” Garvida said.    Garvida added that the proposed establishment of dormitories would be a big help to the students’ parents as this would shoulder the expenses of their children for rent and likewise they would feel...
Post a Comment
Read more

2020 Laoag City Traffic Code

By
  Republic of the Philippines Province of Ilocos Norte CITY OF LAOAG   SANGGUNIANG PANLUNGSOD   EXCERPT FROM THE MINUTES OF THE 58 TH REGULAR SESSION OF THE 11 TH SANGGUNIANG PANLUNGSOD OF LAOAG HELD AT THE SANGGUNIANG PANLUNGSOD SESSION HALL, LAOAG CITY ON OCTOBER 14, 2020. PRESENT: 1.        Hon. Vicentito M. Lazo                                                 City Vice-Mayor/Presiding Officer Hon. Juan Conrado A. Respicio II                                              S.P....
Post a Comment
Read more