NEWS/PRESS RELEASE
PR-139-19
Date of Release: October 16, 2019
FOR IMMEDIATE RELEASE

Philippine Deposit Insurance Corporation (PDIC) President Roberto B. Tan (rightmost) and Marikina City Mayor Marcelino Teodoro (left) lead the ceremonial signing of the Deed of Sale and turn over of title for a 3.3 hectare lot in Barangay Tumana, which was directly acquired by the city government from the closed Admiral United Savings Bank (AUSB), a bank under PDIC liquidation. PDIC, as receiver of closed banks, is mandated to dispose of closed banks’ assets. The ceremony held on September 15, 2019 also launched the “Katiyakan sa Paninirahan” housing project of the city government to benefit about 1,000 households who are residing on the property. AUSB was ordered closed by the Monetary Board in 1984. Proceeds from the sale of said property will be used to settle the claims of AUSB’s creditors.

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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) 8841-4636 to 39
Trunkline: (02) 8841-4000
Website: www.pdic.gov.ph.
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