December 23, 2016

The Philippine Deposit Insurance Corporation (PDIC) raised a total of PHP19.1 million from the sale of 15 real and other properties acquired (ROPA) during the public bidding held on December 14, 2016 at the PDIC Office in Makati City.

Eleven Corporate ROPA and four closed banks' ROPA were sold for an aggregate value of PHP11.3 million and PHP7.8 million, respectively.

The bidding yielded a premium of PHP1.3 million compared to the total minimum disposal price of PHP17.7 million for all assets sold, consisting of residential and agricultural properties.

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 sells assets via bidding and auction, after which unsold properties may be purchased via negotiated sale.

Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and use PDIC's property finder 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.