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PDIC raises PhP223.1-M in asset sale for Jan-July

NEWS/PRESS RELEASE
PR-124-19
Date of Release: August 28, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC) generated PhP223.1 million from the sale of 533 closed banks’ properties through six public biddings conducted from January to July of this year, enhancing the chances of creditors of closed banks to recover their funds.

Collectively, the public biddings yielded an aggregate premium of PhP57.9 million over the total minimum disposal price of PhP165.2 million.

In its most recent public bidding alone held on July 31 in Makati City, the sale proceeds amounted to PhP113.4 million involving the bulk sale of 438 residential lots owned by the closed Accord Savings Bank, Inc. These residential lots are located in Green Farm Royale Subdivision, Brgy. Pulong Bunga, Silang, Cavite.

Proceeds from the sale of closed banks’ properties are added to the pool of funds 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 the PDIC as liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings. Interested buyers are encouraged to visit the PDIC Assets for Sale microsite at http://assetsforsale.pdic.gov.ph. for information on the inventory of available assets for sale. The microsite may also be accessed via the PDIC website, www.pdic.gov.ph.

Unsold assets from public biddings may be acquired by interested parties via negotiated sale. Prospective buyers may communicate with the PDIC Public Assistance Department at (02) 841-4630 or at e-mail address pad@pdic.gov.ph for more information. 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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC


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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability
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