The Philippine Deposit Insurance Corp. (PDIC) reported selling acquired assets from closed banks totaling P233.1 million in the first seven months this year.

These were assets of various lenders shut down by the Bangko Sentral ng Pilipinas and placed under PDIC’s receivership.

The expeditious liquidation of assets is one of the strategic directions of the PDIC as liquidator of closed banks.

According to the deposit insurer, the funds came from a total of six biddings which sold some 533 closed banks’ properties. This will then help creditors recover their deposits.

“Collectively, the public biddings yielded an aggregate premium of P57.9 million over the total minimum disposal price of P165.2 million,” it said.

“Proceeds from the sale of closed banks’ properties are added to the pool of funds for distribution to creditors and uninsured depositors in accordance with the rules of concurrence and preference of credits,” the PDIC said.

Of the P233.1 million, the bulk came from the bidding on 31 July which posted P113.4 million involving the disposition of 438 residential lots owned by the closed Accord Savings Bank Inc.

The PDIC explained that as liquidator of assets, such properties will be auctioned under a competitive bidding process.

“The expeditious liquidation of assets is one of the strategic directions of the PDIC as liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings,” the agency said.

Interested buyers can view the information on inventory of available assets through the PDIC Assets for sale microsite, which can be accessed via the PDIC website.