THE Philippine Deposit Insurance Corporation (PDIC) generated P223.1 million from the sale of 533 closed banks’ properties through six public biddings conducted from January to July of this year, enhancing the chances of creditors of closed banks to recover their funds.
Collectively, the public biddings yielded an aggregate premium of P57.9 million over the total minimum disposal price of P165.2 million.
In its most recent public bidding alone held on July 31 in Makati City, the sale proceeds amounted to P113.4 million involving the bulk sale of 438 residential lots owned by the closed Accord Savings Bank Inc. These residential lots are located in Green Farm Royale Subdivision, Barangay Pulong Bunga, Silang, Cavite.
Proceeds from the sale of closed banks’ properties are added to the pool of funds of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits.
The expeditious liquidation of assets is one of the strategic directions of the PDIC as liquidator of closed banks. To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets via competitive biddings. Interested buyers are encouraged to visit the PDIC Assets for Sale microsite at http://assetsforsale.pdic.gov.ph for information on the inventory of available assets for sale. The microsite may also be accessed via the PDIC website, www.pdic.gov.ph.
Unsold assets from public biddings may be acquired by interested parties via negotiated sale. Prospective buyers may communicate with the PDIC Public Assistance Department at (02) 841-4630 or at e-mail address pad@pdic.gov.ph for more information. 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. (PR)