PDIC raises P118-M from sale of properties

Posted at 07/04/2014 2:28 PM | Updated as of 07/04/2014 2:33 PM

MANILA, Philippines – The Philippine Deposit Insurance Corporation (PDIC) successfully sold 21 properties in a public bidding Tuesday, raising a total of P118.01 million.

Of the total properties sold, 16 were owned by closed banks, while five were corporate assets.

The properties sold were located in Caloocan, Parañaque, Pasay, Calamba, Tuguegarao, Camarines Norte, Cavite, Cebu, Ilocos Norte, Pampanga, Pangasinan, Quezon, Rizal, Romblon and Sorsogon.

The total amount raised for the properties sold had a premium of P11.31 million as against the properties’ aggregate minimum disposal price of P106.70 million.

PDIC said proceeds from the sale of closed banks are automatically credited to the funds held in trust for the closed banks concerned and are used to settle claims of creditors and uninsured depositors.

Proceeds from the sale of corporate assets, on the other hand, are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of insured deposits.

The public bidding was held at the PDIC office in Makati City. A total of 186 properties were bid out.

Properties that were not sold during the bidding are available for negotiated sale or may be bid out again.

Interested buyers may visit the PDIC website, www.pdic.gov.ph and use the PDIC’s Property Finder for information on available inventory of assets for sale.