PDIC raises P15 million from sale of closed banks’ assets

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) raised close to P15 million from the sale of 52 properties of closed banks through a public bidding in Davao City last month.

In a statement, PDIC said closed banks assets yielded an aggregate premium of P2.1 million against the total minimum disposal price of P12.6 million.

The sold assets consisted of 28 residential lots, 16 residential lots with improvement, four commercial lots with improvement, three industrial lots, and one industrial lot with improvement in Mindanao.

The amount raised represented only 21 percent to the total value of the assets auctioned in January. The assets covered 192 properties located in Visayas and Mindanao with combined minimum disposal amount of P69.6 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,” PDIC said.

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.

PDIC is also disposing 66 properties of closed banks with an aggregate minimum disposal price of P107.5 million via a public bidding on March 1.

The agency’s Real and Other Properties Acquired (ROPA) Disposal Committee is set to bid out 23 residential lots, 25 residential lots with improvement, two commercial lots, 14 motor vehicles, one air conditioner and a generator set.

The properties are located in Metro Manila, Batangas, Cagayan Valley, Iloilo, Laguna, Negros Occidental, Palawan, Pangasinan, Quezon and Rizal.