The Philippine Star

PDIC sells P38 M foreclosed assets


Government-owned Philippine Deposit Insurance Corp. (PDIC) raised another P38 million from the sale of 20 closed banks’ and corporate properties through a public bidding.

The auction last May 29 yielded an aggregate premium of P7.1 million against the aggregate minimum disposal price of P30.8 million.

Sold assets consisted of five residentia­l lots, 12 residentia­l lots with improvemen­t, and three commercial lots with improvemen­t located in Metro Manila, Aklan, Bataan, Batangas, Camarines Sur, Quezon and Rizal.

Last May 24, the staterun deposit insurer raised P14.2 million from the sale of 31 properties of closed banks consisting of 27 residentia­l lots, three residentia­l lots with improvemen­t and a commercial lot with improvemen­t located in Bataan, Bulacan, Nueva Ecija, and Pangasinan.

PDIC said proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distributi­on to creditors and uninsured depositors in accordance with the rules on concurrenc­e and preference of credits.

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

PDIC said unsold assets from public biddings may be acquired by interested parties via negotiated sale.

The agency’s Real and Other Properties Acquired (ROPA) disposal committee is set to auction a total of 55 closed banks’ assets with an aggregate minimum disposal price of P29.9 million on June 28.

Up for bidding are 41 residentia­l lots, eight residentia­l lots with improvemen­ts, two commercial lots, two motor vehicles and two generator sets.

The properties are located in Metro Manila, Agusan del Norte, Bataan, Batangas, Bulacan, Bukidnon, La Union, Laguna, Lanao del Norte, Misamis Oriental, Nueva Ecija, Pangasinan, Rizal and Surigao del Norte.

The expeditiou­s conversion and resolution of assets are among the strategic directions outlined in PDIC’s roadmap. The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.

Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.

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