PDIC generates P240.5-M from acquired assets sale

The sale proceeds of P240.5 million for 548 properties represented 46.4 percent of the aggregate disposal price of P518.8 million.

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

The Philippine Deposit Insurance Corporation (PDIC) generated P240.5 million from the sale of 548 closed banks’ properties via seven public biddings held in Manila and a regional public bidding held in Davao City from January to September this year.

Collectively, the public biddings yielded an aggregate premium of P60.2 million over the total minimum disposal price of P180.3 million. Proceeds from the sale of closed banks’ properties are added to the pool of funds of these closed banks to help increase the chances of creditors and uninsured depositors to recover their trapped funds. Settlement of creditors’ claims is in accordance with the rules on concurrence and preference of credits.

The sale proceeds of P240.5 million for 548 properties represented 46.4 percent of the aggregate disposal price of P518.8 million. This is higher by 44.7 percent compared to the total sale proceeds of P166.2 million and 258 percent more than the 153 properties sold in the public biddings held in the same period last year.

Properties sold consisted of residential, commercial and industrial lots, some of which have improvements. A lahar lot, commercial condominium unit and a number of motor vehicles were also sold during the public biddings.

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. Interested buyers are encouraged to visit the PDIC Assets for Sale microsite at http://assetsforsale.pdic.gov.ph for information on the inventory of available assets for sale. The microsite may also be accessed via the PDIC website, www.pdic.gov.ph.

Unsold assets from public biddings may be acquired by interested parties via negotiated sale.