MANILA, Philippines - The Philippine Deposit Insurance Corp. will bid today the first tranche for the rehabilitation of seized Export & Industry Bank.

The PDIC said the bidding will involve two portions. The first tranche is for the purchase of the bank's assets and assumption of liabilities, while the second part involves the commercial bank license.

The PDIC adds the winning bidder will pay for the uninsured deposits and ordinary credits of the bank. - ANC