MANILA, Philippines — Government-owned Philippine Deposit Insurance Corp. (PDIC) raised another P38 million from the sale of 20 closed banks’ and corporate properties through a public bidding.
The auction last May 29 yielded an aggregate premium of P7.1 million against the aggregate minimum disposal price of P30.8 million.
Sold assets consisted of five residential lots, 12 residential lots with improvement, and three commercial lots with improvement located in Metro Manila, Aklan, Bataan, Batangas, Camarines Sur, Quezon and Rizal.
Last May 24, the state-run deposit insurer raised P14.2 million from the sale of 31 properties of closed banks consisting of 27 residential lots, three residential lots with improvement and a commercial lot with improvement located in Bataan, Bulacan, Nueva Ecija, and Pangasinan.
PDIC said 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.
The expeditious liquidation of assets is one of the strategic directions of PDIC as liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings and auctions.
PDIC said unsold assets from public biddings may be acquired by interested parties via negotiated sale.
The agency’s Real and Other Properties Acquired (ROPA) disposal committee is set to auction a total of 55 closed banks’ assets with an aggregate minimum disposal price of P29.9 million on June 28.
Up for bidding are 41 residential lots, eight residential lots with improvements, two commercial lots, two motor vehicles and two generator sets.
The properties are located in Metro Manila, Agusan del Norte, Bataan, Batangas, Bulacan, Bukidnon, La Union, Laguna, Lanao del Norte, Misamis Oriental, Nueva Ecija, Pangasinan, Rizal and Surigao del Norte.
The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s roadmap. The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.
Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.