The Philippine Deposit Insurance Corporation (PDIC) successfully raised a total of P118.01 million from the sale of closed banks and corporate assets during a public bidding on July 1, 2014 held at the PDIC office in Makati City.

The total amount raised for the 21 properties sold had a premium of P11.31 million as against the properties’ aggregate minimum disposal price of P106.70 million. Of the total properties sold, 16 were owned by closed banks, while five were corporate assets.

A total of 186 properties was bidded out during the public bidding. The properties sold were located in the cities of Caloocan, Parañaque and Pasay; Calamba, Laguna; Tuguegarao, Cagayan; and in the provinces of Camarines Norte, Cavite, Cebu, Ilocos Norte, Pampanga, Pangasinan, Quezon, Rizal, Romblon and Sorsogon.

Proceeds from the sale of closed banks properties are automatically credited to the funds held in trust for the closed banks concerned and are used to settle claims of creditors and uninsured depositors. In accordance with the law, payment to these parties is subject to the rules on concurrence and preference of credits. Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of insured deposits.

The PDIC, as Liquidator of closed banks, conducts public biddings in accordance with its strategic direction of expeditious disposal of non-financial assets. Properties not sold during the bidding are available for negotiated sale or may be bidded out again. Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and use the 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) 841-4650 for inquiries on available assets.

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