The Philippine Deposit Insurance Corporation (PDIC) successfully raised a total of P12.2 million from the sale of corporate and closed banks' properties during its two public auctions conducted on March 5 and 24, 2015 at the PDIC Office in Makati City. Of the total properties sold, one was a corporate property, while 13 were owned by closed banks.

The sale included eight real estate properties, three transportation equipment and three generator sets which yielded a premium of P3.9 million against the aggregate minimum disposal price of P8.3 million. The real estate properties sold are located in the provinces of Albay, Batangas, Camarines Sur, Marinduque, Palawan, Quezon and Rizal.

Proceeds from the sale of the corporate asset amounted to P0.4 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 P11.8 million, will be credited to the funds held in trust for the closed banks concerned to settle claims of creditors and uninsured depositors.

The conduct of public auctions is an initiative in line with the Corporation's strategic direction to expeditiously dispose of non-financial assets. Aside from public auctions, the PDIC holds public biddings and enters into negotiated sale, as modes of asset disposal allowed under its asset disposal policy. 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.

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