P72-million assets of closed banks sold in November — PDIC

MANILA, Philippines — State-owned Philippine Deposit Insurance Corp. (PDIC) generated a total of P72.1 million from the sale of 15 closed banks’ properties through two public biddings held in November.

PDIC said in a statement sold assets yielded an aggregate premium of P6.5 million against the total minimum disposal price of P65.6 million.

Assets disposed, it added consisted of five residential lots, two residential lots with improvement, one commercial lot, four commercial lots with improvement, two motor vehicles and one generator set located in Luzon and Visayas.

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 could be acquired via negotiated sale.

On Jan. 9, 2019 PDIC is disposing 195 assets of closed banks worth close to P70 million through a public bidding.

Up for bidding are 143 residential lots, 40 residential lots with improvements, six commercial lots with improvements, three industrial lots, one commercial lot, one industrial lot with improvement, and a mixed-use residential/agricultural lot.

The properties are located in Agusan del Norte, Agusan del Sur, Bukidnon, Camiguin, Davao del Norte, Lanao del Norte, Leyte, Maguindanao, Misamis Oriental, North Cotabato, South Cotabato, Sarangani, Sultan Kudarat, and Zamboanga del Sur.

PDIC, as liquidator of closed banks, holds various asset disposal initiatives such as biddings, auctions and negotiated sale.