THE Philippine Deposit Insurance Corp. (PDIC) has generated P240.5 million from the sale of 548 closed banks’ properties through seven public biddings in Manila, and a regional public bidding held from January to September in Davao City.
Collectively, the public biddings garnered 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 represented 46.4 percent of the aggregate disposal price of P518.8 million, according to the PDIC.
“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,” PDIC explained.
Properties sold consisted of residential, commercial, and industrial lots, some of which have improvements.
A lot inundated by lahar, a commercial condominium unit and a number of motor vehicles were also sold during the public biddings.