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The Philippine Deposit Insurance Corp (PDIC) raises P34.5 million from the sale of corporate assets and closed banks’ properties during its public bidding held last December 8 at the BSP–Cebu Regional Office.

PDIC realizes P34.5M from Visayas assets sale

Regulator Philippine Deposit Insurance Corp (PDIC) earned P34.5 million from the sale of 18 corporate and closed banks’ properties during a recent public bidding at the Bangko Sentral ng Pilipinas (BSP) – Cebu Regional Office.

The properties sold are located in Aklan, Antique, Bohol, Capiz, Cebu, Iloilo, Leyte, Negros Occidental, Negros Oriental and Surigao Del Sur.

Closed banks’ assets sold comprised of residential, commercial, and agricultural lots, and transportation equipment.

Four residential lots located in Aklan and owned by PDIC were likewise bidded out.

The bidding yielded an aggregate premium of P14.8 million based on the combined minimum disposal price of P19.7 million.

Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits.

Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s fund source mainly for payment of valid deposit insurance claims.

The expeditious liquidation of assets is one of the strategic directions of PDIC as statutory receiver and liquidator of closed banks.

To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings and auctions.

After which, unsold assets may be acquired by interested parties via negotiated sale.

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