• PDIC generates P12.2M from public auctions

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    The Philippine Deposit Insurance Corp. (PDIC) raised a total of P12.2 million in two public auctions last month from the sale of properties under its disposal and the proceeds will be used to settle claims creditors of banks that closed down, the PDIC said in a statement.

    It said it sold eight real estate properties in the provinces of Albay, Batangas, Camarines Sur, Marinduque, Palawan, Quezon and Rizal, three transportation equipment and three generator sets.

    The properties that were auctioned off included a corporate asset worth P400,000, which will be added to the Deposit Insurance Fund, the main source of funds used for paying insured deposits, the bank said.

    “Proceeds from the sale of closed banks’ assets, which amounted to P11.8 million, will be credited to the funds held in trust for the closed banks. They will be used to settle claims of creditors and uninsured depositors,” the agency stated.

    The PDIC said public auctions is part of its strategy to expeditiously dispose of non-financial assets.

    The agency said it also holds public biddings and enter into negotiated sale, as part of its asset disposal policy.

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