PDIC raises P40 M from Foreclosed asset sale

MANILA, Philippines - State-run Philippine Deposit Insurance Corp. (PDIC) has raised P40.3 million from the sale of assets of closed banks through a public bidding conducted late last month.

The sale consisting of residential lots, commercial lots, condominium units with allocated parking slots, fishpond, and a generator set yielded a premium of P7.66 million for all assets sold compared to the minimum disposal price of P32.68 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.

The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s Roadmap.

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

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