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testPDIC raises P56.9-M from public bidding of closed banks’ assets

The Philippine Deposit Insurance Corporation (PDIC) successfully sold 23 properties collectively worth P56.9 million during its November 19 public bidding held at the Bangko Sentral ng Pilipinas (BSP) office in Legaspi City, the fourth to be conducted this year.

The assets sold are closed banks’ properties and the aggregate bid offers generated a premium of P8.9 million for the various closed banks against the minimum disposal price of P48 million. The PDIC bidded out a total of 158 real properties for a combined minimum disposal price of P90.04 million. The properties are located in the various cities and provinces of the Bicol Region including Albay, Camarines Norte, Camarines Sur and Sorsogon.

The regular conduct of public biddings is in line with the PDIC’s strategic direction to expeditiously dispose non-financial assets. When closed banks’ properties are sold, the proceeds are automatically added to the funds held in trust for the closed banks and are used to help settle claims of uninsured depositors and creditors. As mandated by law, payment to these parties is subject to the rules on concurrence and preference of credits.

Aside from public biddings, the PDIC disposes non-financial assets through negotiated sale. Interested buyers who were not able to participate during the public biddings may still avail of the assets for sale posted in the PDIC website, Prospective buyers are encouraged to use the PDIC’s Property Finder in its website for information on available inventory of assets for disposal. They may also call the Asset Management and Disposal Group (02) 841-4650 for inquiries on assets for sale.

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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 permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 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.

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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
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