THE Philippine Deposit Insurance Corp. (PDIC) announced last Wednesday it has generated P171.9 million in total sales from 124 corporate and closed bank assets sold as of the first semester of the year as part of its asset-disposal initiatives.
Total sales from the conduct of public biddings and negotiated sales exceeded the properties’ aggregate minimum disposal price of P156.2 million by 10.1 percent or P15.7 million, a statement from PDIC read. The number of properties sold was also 33.3 percent more than the 93 properties sold during the same period in 2022, the government-owned or -controlled corporation (GOCC) added.
“Asset sales comprised 102 residential lots, 15 agricultural lots, six commercial lots and one mixed residential/agricultural lot. Of the total, 109 were owned by closed banks while 15 were acquired assets of the PDIC,” the GOCC’s statement read. The PDIC listed these properties as located in Metro Manila, Central Luzon, North Luzon, South Luzon, Bicol Region, Davao Region, Southern Visayas and Northeastern Mindanao.
As the designated receiver of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas, the PDIC manages and liquidates the remaining assets of closed banks. Proceeds from asset disposals are added to the pool of funds from which the PDIC pays the claims of creditors and uninsured depositors of closed banks based on legal priority. On the other hand, sale proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund, the funding source for payments of deposit insurance.
In response to the asset disposal challenges of the pandemic, the PDIC shifted to e-bidding of corporate and closed bank assets through its web portal (https://assetsforsale.pdic.gov.ph/) for interested buyers. Through a one-time registration in the e-bidding portal, buyers can access and bid for real and other properties from the extensive asset inventory of the PDIC and closed banks.