NEWS/PRESS RELEASE
PR-108-19
Date of Release: July 10, 2019
FOR IMMEDIATE RELEASE

Properties for sale more accessible through PDIC’s Assets for Sale microsite. Philippine Deposit Insurance Corporation (PDIC) President Roberto B. Tan leads the launch of the PDIC Assets for Sale microsite before real estate brokers on June 19, 2019 at the Davao City Hall Training Center. The site, http://assetsforsale.pdic.gov.ph, is designed to provide more convenient access to the catalogue of properties that PDIC is disposing of through public bidding or negotiated sale. The launch was part of PDIC’s activities in the pilot run of its PDIC Caravan – Abot Lingkod Program which highlighted the observance of the 17th Depositor Protection and Awareness Week (DPAW) on June 16 to 22, 2019.

The Philippine Deposit Insurance Corporation (PDIC) launched its Assets for Sale microsite on June 19, 2019 before real estate brokers in Davao City. The site presents PDIC’s extensive list of properties for disposal either through public bidding or negotiated sale, and contains information on the requirements and procedures to buy these properties. The microsite may be accessed through http://assetsforsale.pdic.gov.ph or by visiting the PDIC website at www.pdic.gov.ph, and clicking on the “Assets for Sale” icon on its homepage.

In his message to the real estate brokers, PDIC President Roberto B. Tan said, “Today’s briefing for real estate brokers is part of our campaign to make the public aware of opportunities to participate in the sale of properties foreclosed by failed banks and those acquired by the Corporation. We are actively pursuing the disposal of assets as these will benefit the closed banks’ creditors and the implementation of the Assets for Sale microsite is a great boost to this initiative.”

The management and disposal of assets of closed banks is part of PDIC’s mandate as receiver and liquidator of closed banks. 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 creditors in accordance with the rules on concurrence and preference of credits. The disposal of more properties will help increase the chances of recovery of trapped funds of uninsured depositors and creditors.

The launch of the Assets for Sale microsite also served as a consultation meeting between PDIC and the real estate brokers in Davao City to explore possible partnerships for asset marketing and disposal. It was also among the activities held during the pilot run of the PDIC Caravan – Abot Lingkod Program which highlighted the observance of the 17th Depositor Protection and Awareness Week (DPAW) on June 16 to 22, 2019. The Caravan was made possible by PDIC’s participation in the Kabisig Government Expo held at the Abreeza Mall in Davao City where PDIC personnel assisted clients in their inquiries on ways to acquire properties through public biddings or negotiated sale, and settlement of deposit insurance claims, claims against the assets of closed banks, and loan obligations with closed banks.

This year’s DPAW theme is “Bank deposit mo, protektado!”, which is meant to inform and assure the public that there is a government institution that promotes and safeguards the interests of the depositing public by providing insurance coverage on all insured deposits. “Bank deposit mo, protektado!” is also PDIC’s official corporate tagline.

PDIC aims to sustain the conduct of the Caravan in various regions nationwide to make PDIC’s services more accessible to stakeholders.

* * * * *

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.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC