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September 26, 2022

PDIC raises P342M via disposal of assets of closed banks

State-run Philippine Deposit Insurance Corp. (PDIC) raised P341.6 million from 11 public electronic biddings and 47 negotiated sales of corporate and closed bank assets in 2021.

The amount raised was 2.7 percent or P9.1 million higher than the aggregate minimum disposal price of P332.5 million.

The state deposit insurer sold a total of 108 properties located nationwide comprising 55 vacant residential lots, 18 residential lots with improvements, 10 commercial lots with improvements, nine mixed residential/agricultural lots, eight residential subdivision lots, six agricultural lots, and two commercial condominiums.

Of the total properties, 79 were owned by closed banks and 29 were acquired assets of the PDIC.

As the designated liquidator of banks ordered closed by the Bangko Sentral ng Pilipinas (BSP), the PDIC manages and liquidates the remaining assets of closed banks.

Proceeds from the disposal of assets are added to the pool of funds from which the insurer pays the claims of creditors and uninsured depositors of the closed banks based on the Rules on Concurrence and Preference of Credits under the Civil Code of the Philippines.

On the other hand, proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund (DIF), the fund source for payment of deposit insurance claims.

The PDIC shifted to e-bidding of corporate and closed bank assets in response to the asset disposal challenges under the new normal. The user-friendly e-bidding portal provides property buyers a safe and convenient platform to bid for properties and other assets in the PDIC’s inventory without having to go to its headquarters.

Through a one-time registration in the e-bidding portal, interested buyers can access and bid for a variety of real and other properties from the state deposit insurer’s extensive inventory.

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