November 8, 2016

The Philippine Deposit Insurance Corporation (PDIC) successfully raised a total of PHP21.3 million from the sale of 21 real and other properties acquired (ROPA) during the public bidding held on October 25, 2016 at the PDIC Office in Makati City.

Nineteen (19) ROPA of closed banks with combined value of PHP20.8 million and two (2) corporate assets with aggregate value of PHP0.43 million were sold during the bidding.

Collectively, the bidding yielded a premium amounting to PHP5.9 million against the aggregate minimum disposal price of PHP15.4 million for all assets sold which consisted of commercial and residential properties located in Metro Manila and the provinces of Batangas, Benguet, Bulacan, Cagayan, Cavite, Cebu, Isabela, La Union, Tacloban and Tarlac.

Proceeds from the sale of closed banks' properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits. Meanwhile, proceeds from the sale of corporate assets are added to PDIC's Deposit Insurance Fund, the funding source for payment of deposit insurance claims.

The expeditious liquidation and resolution of assets are strategic directions of PDIC, as statutory receiver of closed banks. To help ensure that recoveries from closed banks' assets are maximized, PDIC conducts various competitive asset disposal initiatives such as biddings and auctions as well as negotiated sale.

Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and use PDIC's property finder feature for information on available inventory of assets for sale. Prospective buyers may also call the Asset Management and Disposal Group at (02) 841-4651 for inquiries on assets for disposal.

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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 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.

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