The Philippine Deposit Insurance Corporation (PDIC) generated P349 million in the sale of corporate and closed banks' real properties in 2014. Properties sold totaled 304, of which 283 were assets of closed banks which were sold for a total of P236 million, while 21 properties were corporate assets which generated P113 million.

Properties sold through public bidding amounted to P142 million while P205 million were sold via negotiated sale as allowed under PDIC's disposal policy.

The properties sold are from various locations in Metro Manila and the provinces of Albay, Baguio, Batangas, Bulacan, Cagayan, Cavite, Ilocos Norte, Laguna, Nueva Ecija, Pampanga, Pangasinan, Quezon, Rizal, Samar, Tarlac, Aklan, Camarines Norte, Camarines Sur, Cebu, Negros Occidental, Negros Oriental, Sorsogon, South Cotabato and Lanao del Norte.

PDIC also generated P25 million from sale of transportation and furniture, fixtures and equipment (FFE) of closed banks.

Proceeds from disposal of closed banks' assets are held in trust for closed banks. As Liquidator of closed banks, the PDIC is mandated to dispose and resolve the assets of closed banks and convert these to cash to settle claims of creditors as well as depositors with uninsured deposits, subject to the rules on concurrence and preference of credits. Meanwhile, proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund (DIF), the funding source for payment of deposit insurance claims. The PDIC is mandated to prudently manage and continuously build up the DIF to ensure that it is able to respond to insurance calls in case of bank closures.

The PDIC regularly conducts public biddings nationwide which are announced through its website, www.pdic.gov.ph, as well as in national newspapers. Assets not sold during public biddings are disposed through negotiated sale and other modes of asset disposal. The Corporation's website has a Property Finder where interested buyers may browse properties for sale. Prospective buyers may also call the Asset Management and Disposal Group at (02) 841-4650 for inquiries on assets for sale.

Meanwhile, the PDIC is set to sell on an "as-is, where-is" basis various assets of closed banks with an aggregate minimum disposal value of P253.9 million in separate public auctions to be held in Davao and Makati City.

The first public auction will be held on February 26, 2015 at Unit 80, 8th Floor, Landco-PDCP Condominium Building, Pryce Business Park, J.P. Laurel Davao City, Davao Del Sur. To be auctioned are 115 properties consisting of condominium units, parking slots and other real properties. The auction will be conducted from 9:00 am to 2:00 pm. Properties for auction are located in Davao del Sur, Davao del Norte, Cagayan de Oro City, Compostella Valley, General Santos City, and Camiguin.

The public auction on March 5, 2015 will be held at the PDIC Training Room, 9th Floor, SSS Building 6782 Ayala Ave. corner V. A. Rufino St., Makati City. Up for auction are transportation equipment and three generator sets. The auction will be held from 2:00 pm to 5:00 pm. For more information, interested buyers may visit the PDIC website, www.pdic.gov.ph.

The expeditious disposal of non-financial assets is among the strategic directions outlined in the PDIC's medium-term Roadmap to protect the depositing public and promote financial stability.

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