PDIC raises P4 million from public bidding

THE Philippine Deposit Insurance Corp. (PDIC) generated P4 million from the sale of 18 corporate and closed banks’ properties at its public bidding held last March 15 in San Fernando City, Pampanga.

The bidding yielded an aggregate premium of P0.53 million against the aggregate minimum disposal price of P3.5 million. Sold assets consisted of 16 residential lots, a commercial lot and an agricultural lot located in Abra, Bulacan, La Union, Pangasinan and Tarlac.

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.

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

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.

Queries

Unsold assets from the public biddings may be acquired by interested parties via negotiated sale. Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph or communicate with the PDIC Public Assistance Department.

Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-7342 or 1-800-1-888-PDIC. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC.

The PDIC was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. The maximum deposit insurance coverage is P500,000 per depositor. (PR)

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