THE Philippine Deposit Insurance Corp. (PDIC) reported on Wednesday that the electronic bidding of its assets yielded P38.9 million in April.
PDIC said this came from the sale of 22 corporate and closed banks’ properties through the conduct of three public electronic biddings in April 2021.
Public biddings of assets were undertaken via PDIC’s electronic bidding portal on April 8, 14 and 23 as the new normal mode of asset disposal.
This was the first electronic bidding made by PDIC in light of movement and travel restrictions in place to curb the spread of Covid-19.
In March, PDIC announced that it has shifted its mode of asset disposal to an electronic platform via its e-bidding portal.
Online bids shall be accepted by the PDIC Real and Other Properties Acquired (ROPA) Disposal Committee from direct buyers only who register through the e-bidding portal.
Eight vacant subdivision lots located in Waterwood Park Subdivision, Barangay Pagala, Baliuag, Bulacan were disposed of on April 8 for a total bid price of P22.7 million while a commercial lot with improvement was sold on April 14 for a bid price of P8 million.
Meanwhile, 13 residential lots were disposed of on April 23 for an aggregate amount of P8.2 million.
“Proceeds from the sale of closed banks’ properties are added to the pool of funds of these banks to help increase the chances of recovery of creditors and uninsured depositors,” PDIC said in a statement.
Meanwhile, the insurance corporation said proceeds 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.