| ARCHIVE |
PDIC raises PhP38.5-M from public bidding of assets |
NEWS/PRESS RELEASE
The Philippine Deposit Insurance Corporation (PDIC) generated a total of PhP38.5 million from the sale of 35 properties of closed banks through public biddings held in April and May 2019 in Makati City. Assets yielded an aggregate premium of PhP6.3 million over the total minimum disposal price of PhP32.2 million. These assets, all located in Luzon, consisted of 28 residential lots with improvements, six residential lots and one lahar lot. Proceeds from the sale of closed banks’ properties are added to the pool of funds of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits. Since January 2019, PDIC has generated a total of PhP112.5 million from the sale of 107 properties through PDIC public biddings. Collectively, the biddings yielded an aggregate premium of PhP17.3 million over the total minimum disposal price of PhP95.2 million. The expeditious liquidation of assets is one of the strategic directions of PDIC as liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings. Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and click on the Assets for Sale icon for information on the inventory of available assets for sale. Unsold assets from public biddings may be acquired by interested parties via negotiated sale. Prospective buyers may communicate with the PDIC Public Assistance Department at (02) 841-4630 to 31 or at e-mail address pad@pdic.gov.ph for more information. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-7342 or 1-800-1-888-PDIC. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC. * * * * * 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 PhP500,000 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. Corporate Communications Dept.
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Deposits are insured by PDIC up to P1 million per depositor
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PDIC is a government instrumentality created in 1963by virtue of Republic Act 3591, as amended, to insure
the deposits of all banks. PDIC exists to protect
depositors by providing deposit insurance coverage for the depositing public and help promote financial stability. PDIC is an attached agency of the Bangko Sentral ng Pilipinas.
Questions? Need Help?
Click Frequently Asked Questions
Trunkline.: (632) 8841-4000
Hotline: (632) 8841-4141
(for Metro Manila clients)
Fax No.: (632) 8841-4085
Email: pad@pdic.gov.ph
Client outside Metro Manila may call
Toll Free: 1-800-1-888-7342 or
1-800-1-888-PDIC
.png?Tuesday; May 6, 2025)
Hotline: (632) 8841-4141
(for Metro Manila clients)
Fax No.: (632) 8841-4085
Email: pad@pdic.gov.ph
Client outside Metro Manila may call
Toll Free: 1-800-1-888-7342 or
1-800-1-888-PDIC
