June 19, 2018

The Philippine Deposit Insurance Corporation (PDIC) generated a total of PHP14.2 million from the sale of 31 closed banks’ properties at its public bidding held last May 24, 2018 in Cabanatuan City, Nueva Ecija. The bidding yielded an aggregate premium of PHP1.4 million against the aggregate minimum disposal price of PHP12.8 million. Sold assets consisted of 27 residential lots, three residential lots with improvement and a commercial lot with improvement located in Bataan, Bulacan, Nueva Ecija, and Pangasinan.

Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to 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 liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings and auctions.

Unsold assets from public biddings 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 communicate with the PDIC Public Assistance Department at (02) 841-4630 to 31 or at e-mail address pad@pdic.gov.ph. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-7342 or 1-800-1-888-PDIC. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC.

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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.