The Philippine Deposit Insurance Corp. (PDIC) sold a total of 86 properties in 2012, generating P128.57 million in cash, through five public biddings conducted during the year.

Auctioned off were assets of banks ordered closed by the Monetary Board and those acquired by the PDIC.

In a statement, PDIC said that of the total properties sold, 14 were corporate assets, while 72 were assets of closed banks. Assets sold consisted of 57 real and other properties acquired, and 15 vehicles.

It added that the combined sale proceeds from corporate assets amounted to P108.11 million, a premium of P5.93 million from the aggregate minimum disposal price of P102.18 million.

Meanwhile, proceeds from the bidding of closed bank assets accounted for P20.46 million, a premium of P4.18 million from the combined disposal price of P16.28 million.

As liquidator of closed banks’ assets, the PDIC is tasked to sell and resolve the assets of closed banks, and to convert these to cash to facilitate payment to creditors, including the PDIC and other government agencies, as well as the depositors with uninsured deposits. This is in line with the rules on concurrence and preference of credits.

The PDIC announces public biddings through its website, www.pdic.gov.ph, as well as in broadsheets. After the public biddings, assets not sold are disposed through negotiated sale.

Prospective buyers may also call the Asset Management and Disposal Group at (02) 841-4650 for inquiries on assets for sale.