The Market Monitor Minding the Nation's Business
The Philippine Deposit Insurance Corporation (PDIC) reported a significant increase in asset sales in 2024, generating P411.4 million from the sale of 281 properties—up by 24.7% from P330 million in 2023.
In a statement released last week, the PDIC said the number of properties sold this year matched 2023 figures, but the total sale value in 2024 exceeded the aggregate minimum bid price of P398.3 million by P13.1 million, reflecting stronger buyer interest.
Of the 281 properties sold, 71 were PDIC-owned assets, while 210 were from closed banks. The agency raised P194.9 million through public biddings to ensure competitive pricing.
Meanwhile, P216.4 million worth of assets were sold via negotiated sales—a secondary option for unsold properties after public auctions.
Proceeds from the sale of closed bank assets are held in trust by the PDIC and used to settle claims of creditors, including depositors with uninsured funds. Sales from PDIC corporate assets, on the other hand, go to the Deposit Insurance Fund, which serves as the primary source for paying insured deposit claims.
The PDIC reaffirmed its commitment to ramping up asset disposal efforts through innovative strategies aimed at attracting more buyers and boosting financial recoveries.
“With these measures, the Corporation aims to further increase asset sales, improve financial recoveries, and support the stability of the financial system by helping ensure funds are plowed back to the economy by way of investments or savings,” the PDIC said.