The Philippine Deposit Insurance Corporation (PDIC) successfully sold 64 corporate and closed bank properties in Davao for a total amount of P55.6 million.

Sixty-one properties were sold outright during the bidding while three properties were sold via negotiated sale. The 61 properties were sold during the public bidding held on August 1, 2012 in Davao City for P55.17 million representing a premium of 4% or P2.15 million compared to the minimum disposal price (MDP) of P53.02 million.

Meanwhile, offers to buy three properties with a combined MDP of P375,000.00 were accepted after the bidding. These were sold for the total offer price of about P406,000.00 or a premium of 8% from the MDP.

The properties for bidding consisted of 71 PDIC corporate real properties and 59 real properties of the closed All Asia Bank Corporation (AABC). Collectively, the properties had an MDP of almost P243.89 million.

The PDIC is planning to conduct other public biddings of corporate and closed banks’ assets before the year ends. These initiatives of PDIC are in line with the Corporation’s Roadmap to 2016 to expedite the disposal/liquidation of non-financial assets and maximize recoveries.

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 permanent and continuing 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.