July 22, 2016

The Philippine Deposit Insurance Corporation (PDIC) successfully raised a total of P62.79 million from the sale of 54 corporate and closed banks' properties during its sealed public biddings conducted in the second quarter of 2016 at the PDIC Office in Makati City.

A total of P33.74 million was raised during the May 31, 2016 bidding involving 37 corporate and closed banks' assets. This yielded a premium amounting to P6.8 million against the aggregate minimum disposal price of P26.9 million. The properties sold are located in Parañaque City and in the provinces of Benguet, Bulacan, Ilocos Sur, Isabela, Misamis Oriental, Nueva Ecija and Pangasinan.

Meanwhile, the bidding conducted on June 30, 2016 raised a total of P29.05 million for the sale of 17 properties. This sale collectively yielded a premium of P1.72 million compared to the aggregate minimum disposal price of P27.33 million. These properties are located in Caloocan City, Parañaque City and in the provinces of Bulacan, Cebu, Rizal, Ilocos Sur, Isabela, Laguna, Pangasinan, Tarlac and Zambales.

Proceeds from the sale of closed banks' properties are added to the pool of liquid assets of the bank for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits. Meanwhile, gains from the sale of corporate assets are added to PDIC's Deposit Insurance Fund.

The expeditious liquidation and resolution of assets is a strategic direction of PDIC, as liquidator of closed banks. To carry this out, PDIC conducts various asset disposal initiatives such as biddings, auctions and negotiated sale.

Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and use 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 assets for disposal.

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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 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.