PDIC raises P112.5 M from foreclosed asset sale in H1
Philippine Deposit Insurance Corp. (PDIC) has raised P112.5 million from the sale of foreclosed assets of shuttered banks through public biddings in the first half.
The deposit insurer said the biddings for the 107 properties yielded an aggregate premium of P17.3 million in January to June over the total minimum disposal price of P95.2 million.
“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,” it said.
PDIC, as liquidator of closed banks, holds various asset disposal initiatives such as biddings, auctions and negotiated sale.
“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
The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.
For April and May, PDIC generated a total of P38.5 million from the sale of 35 properties of closed banks through public biddings.
Assets yielded an aggregate premium of P6.3 million over the total minimum disposal price of P32.2 million. The assets located in Luzon consisted of 28 residential lots with improvements, six residential lots and one lahar lot.
The PDIC Real and Other Properties Acquired (ROPA) disposal committee is set to hold a bulk sale of 438 residential lots worth P72.4 million located in Green Farm Royale Subdivision, Barangay Pulong Bunga, Silang, Cavite and owned by the closed Accord Savings Bank Inc. via public bidding on July 31.
Combined, the residential lots have an estimated total area of 94,514 square meters.
The BSP’s Monetary Board ordered the closure of Accord Savings Bank.