March 27, 2017

The Philippine Deposit Insurance Corporation (PDIC) generated a total of PHP40.34 million from the sale of assets of closed banks during the public bidding held on February 28, 2017 at the PDIC Office in Makati City.

The sale consisting of residential lots, commercial lots, condominium units with allocated parking slots, fishpond, and a generator set yielded a premium of PHP7.66 million for all assets sold compared to the minimum disposal price of PHP32.68 million.

Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits.

The expeditious liquidation and resolution of assets are strategic directions of PDIC, as statutory liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings and auctions. After which, unsold assets may be acquired by interested parties 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.