The Philippine Deposit Insurance Corporation (PDIC) successfully raised a total of P23.9 million from the sale of commercial and residential properties during a public bidding on October 9, 2014 held at the Bangko Sentral ng Pilipinas (BSP) Regional Office in Cebu City.

A total of 14 properties were sold, which generated a premium of P2.08 million as against the properties' aggregate minimum disposal price of P21.82 million. All properties sold were owned by closed banks.

Bidded out during the PDIC's third public bidding for the year was a total of 131 properties located in the provinces of Cebu, Negros Occidental, Quezon and South Cotabato.

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.

The PDIC, as Liquidator of closed banks, regularly conducts public biddings in accordance with its strategic direction to expeditiously dispose 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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