October 4, 2017

The Philippine Deposit Insurance Corporation (PDIC) generated a total of PHP152.5 million from the sale of 35 properties of closed banks during the public biddings it conducted in August and September 2017.

Assets sold comprised nine condominium units, eight parking slots, 17 real and other properties acquired (ROPA), and a generator set. The biddings yielded an aggregate premium of PHP28.1 million based on the combined minimum disposal price of PHP124.4 million.

Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to their creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits.

The expeditious liquidation of assets is one of the strategic directions of PDIC, as statutory liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings and auctions. After which, unsold assets may be acquired by interested parties via negotiated sale.

Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and click the Assets for Disposal section for information on available inventory of assets for sale. Prospective buyers may also call the Asset Management and Disposal Group at (02) 841-4000 loc. 4770, 4772, and 4750 for inquiries and additional information.

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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 PHP500,000 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.