NEWS/PRESS RELEASE
PR-006-19
Date of Release: February 19, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC) generated a total of PhP14.7 million from the sale of 52 properties of closed banks through a public bidding held on January 10, 2019 in Davao City. Assets yielded an aggregate premium of PhP2.1 million against the total minimum disposal price of PhP12.6 million.

These assets, all located in Mindanao, consisted of 28 residential lots, 16 residential lots with improvement, four commercial lots with improvement, three industrial lots, and one industrial lot with improvement. A total of 192 properties located in Visayas and Mindanao with combined minimum disposal amount of PhP69.6 million were put on the bidding block during PDIC’s first asset disposal initiative for the year.

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. Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and click on the Assets for Disposal icon for information on the inventory of available assets for sale.

Unsold assets from public biddings may be acquired by interested parties via negotiated sale. Prospective buyers may communicate with the PDIC Public Assistance Department at (02) 841-4630 to 31 or at e-mail address pad@pdic.gov.ph for more information. 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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC