September 19, 2018

The Philippine Deposit Insurance Corporation (PDIC) generated a total of PhP22 million from the sale of 16 properties of closed banks through the public biddings held from June to August 2018 in Makati City and Iloilo City.

Sold assets yielded an aggregate premium of PhP6.3 million against the total minimum disposal price of PhP15.7 million. Sold assets consisted of six residential lots, seven residential lots with improvement, and three commercial lots with improvement 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.

Three more public biddings are included in the next months: one in September in Cagayan De Oro City; and two in October in Makati City. Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and click on the Assets for Disposal icon for information on the inventory of available assets for sale.

Unsold assets from public biddings may be acquired by interested parties via negotiated sale. Prospective buyers may also communicate with the PDIC Public Assistance Department at (02) 841-4630 to 31 or at e-mail address pad@pdic.gov.ph. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-7342 or 1-800-1-888-PDIC. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PhP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.