The Philippine Deposit Insurance Corporation (PDIC) generated a total of P93.0 million from the sale of corporate and closed banks' properties during its most recent public auction held on February 26 at Landco-PDCP Condominium Building, Pryce Business Park, J.P. Laurel Davao City, Davao Del Sur. Of the total properties sold, 15 were owned by closed banks, while 27 were corporate assets.

The sale involved 42 properties out of 100 up for auction, and yielded a premium of P2.6 million against the aggregate minimum disposal price of P90.4 million

The properties sold were located in the provinces of Camiguin, Davao del Norte, Davao del Sur, Misamis Oriental and South Cotabato.

Proceeds from the sale of corporate properties amounted to P90.0 million which will be added to the Deposit Insurance Fund, PDIC's main fund source for payment of insured deposits. Meanwhile, proceeds from the sale of closed banks' assets, which amounted to P3.0 million, will automatically be credited to the funds held in trust for the closed banks concerned and will be used to settle claims of creditors and uninsured depositors.

The PDIC is also set to hold a public auction of transportation equipment and three generator sets owned by closed banks on March 5, 2015 at the PDIC Training Room, 9th Floor, SSS Building 6782 Ayala Ave. corner V. A. Rufino St., Makati City. The auction will be held from 2:00 p.m. to 5:00 p.m.

The PDIC, as Liquidator of closed banks, conducts various modes of asset disposal 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 bid 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) 841-4651 for inquiries on available assets.

* * * * *