Seized asset sales generate P349M – PDIC

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The Philippine Deposit Insurance Corp. (PDIC) said it generated P349 million from the sale of 304 real properties of corporate and closed banks in 2014.

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In a statement on Monday, the state deposit insurer said that of the 304 properties sold, 283 were assets of closed banks which were sold for a total of P236 million, while 21 properties were corporate assets which generated P113 million.

Properties sold through public bidding amounted to P142 million while P205 million were sold via negotiated sale as allowed under PDIC’s disposal policy, it added.

The PDIC noted that the properties sold are from various locations in Metro Manila and the provinces of Albay, Benguet, Batangas, Bulacan, Cagayan, Cavite, Ilocos Norte, Laguna, Nueva Ecija, Pampanga, Pangasinan, Quezon, Rizal, Samar, Tarlac, Aklan, Camarines Norte, Camarines Sur, Cebu, Negros Occidental, Negros Oriental, Sorsogon, South Cotabato and Lanao del Norte. In addition, the PDIC also said it generated P25 million from the sale of vehicles and furniture, fixtures and equipment (FFE) of closed banks.

“Proceeds from disposal of closed banks’ assets are held in trust for closed banks. As the liquidator of closed banks, the PDIC is mandated to dispose and resolve the assets of closed banks and convert these to cash to settle claims of creditors as well as depositors with uninsured deposits, subject to the rules on concurrence and preference of credits,” it said.

Proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund (DIF), the funding source for payment of deposit insurance claims.

The PDIC is mandated to prudently manage and continuously build up the DIF to ensure that it is able to respond to insurance calls in case of bank closures.

The PDIC regularly conducts public biddings nationwide which are announced through its website, www.pdic.gov.ph, as well as in national newspapers.

Assets not sold during public biddings are disposed through negotiated sale and other modes of asset disposal, the agency explained.

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