PDIC: 235 properties of closed banks sold

(Logo grabbed from the PDIC Facebook)
(Logo grabbed from the PDIC Facebook)

THE Philippine Deposit Insurance Corp. (PDIC) has raised some P300 million from disposing of assets of closed banks last year.

The state-run agency said it sold 281 properties in 2023, up 30 percent from 216 properties disposed of in 2022.

The real properties sold were mainly situated in Central and South Luzon and South Cotabato consisting of 232 residential, 31 agricultural, 17 commercial lots, and a lot for mixed residential and agricultural use.

Closed bank-owned properties accounted for 235 while corporate/PDIC-acquired properties totaled 46. Two Makati Sports Club shares of the closed Export and Industry Bank were also successfully sold in September for P2.9 million, or a million more than the minimum disposal price of P1.9 million.

The PDIC, acting as a statutory receiver of closed banks, liquidates assets owned by closed banks through public bidding and negotiated sales.

Proceeds from these asset disposal initiatives are added to the closed banks’ funds held in trust by PDIC for distribution to creditors including uninsured depositors under the Rules on Concurrence and Preference of Credits of the Civil Code of the Philippines.

The liquidation efforts of the statutory receiver enhance the likelihood of settling the claims of closed bank creditors and uninsured depositors. On the other hand, proceeds from the disposal of corporate assets are channeled to the Deposit Insurance Fund to fund the settlement of deposit insurance claims of depositors.


To accelerate asset disposal, the PDIC said it shifted to electronic public bidding (e-bidding) of corporate and closed bank assets during the pandemic through its user-friendly portal, https://assetsforsale.pdic.gov.ph/, which provides a safe and convenient platform for interested buyers.

“The e-bidding presents a diverse selection of assets that caters to various investment preferences and objectives. It is also a good opportunity for investors, developers and individuals seeking to acquire assets,” the PDIC said.

Recently, PDIC announced it is set to host an “as-is, where-is” e-bidding featuring 104 real properties and other assets on its e-bidding portal, starting at 9 a.m. on April 24, 2024, until 9 a.m. on April 25. Bids shall be opened at 10 a.m. on April 25.

Up for e-bidding are 102 residential/subdivision lots situated in Amber Homes Subdivision, Brgy. Poblacion, Sta. Maria, Bulacan, two vacant residential lots in Cavite and Pampanga; five cars, three motorcycles and one generator. Previously owned by closed banks, the lots up for e-bidding range in size from 40 square meters to 1,778 square meters. / KOC


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