• PDIC raises P9.9-M from asset auction

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    RUN deposit insurer Philippine Deposit Insurance Corp. (PDIC) raised P9.9 million from the sale of 27 real estate properties through a public bidding conducted on August 25.

    In a statement on Tuesday, PDIC said the assets auctioned off include 18 corporate assets worth P4.2 million and nine closed banks’ assets valued at P5.7 million.

    PDIC said the sale yielded a P1.3-million premium from the original disposal price of P8.6 million for the 27 properties.

    The assets consist of agricultural, commercial and residential lots located in the provinces of Benguet, Cagayan, Ilocos Sur, Iloilo, La Union, Pampanga, Pangasinan, Quezon and Southern Leyte.

    “Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits. Meanwhile, proceeds from the sale of corporate assets are added to PDIC’s Deposit Insurance Fund,” PDIC said.

    The sale of assets is part of PDIC’s strategy to be an “expeditious” liquidator of closed banks, which would help ensure that closed banks get the maximum recoverable value from their assets.

    To do this, PDIC said it conducts asset disposal initiatives such as biddings and auctions as well as negotiated sales.

    The deposit insurer said interested buyers may visit their website at www.pdic.gov.ph and use PDIC’s property finder feature for information on available assets for sale.

    Established in June 1963, PDIC provides deposit insurance to ensure depositor protection and help maintain the stability of the country’s financial system. Since 2009, the maximum deposit insurance coverage provided by PDIC is P500,000 per depositor.

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