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Manila Bulletin devider Business devider Banking & Finance devider PDIC sells P172 M closed bank assets in H1

PDIC sells P172 M closed bank assets in H1

Published Sep 21, 2023 04:23 am

As the liquidator of closed banks, the Philippine Deposit Insurance Corp. (PDIC) said it has raised P171.9 million as of end-June from selling 124 corporate and closed bank assets.

PDIC is in charge of asset disposal of banks that are shut down by the Bangko Sentral ng Pilipinas (BSP).

Sale proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund (DIF) of the PDIC, which is the funding source for payments of deposit insurance. The prompt settlement of deposit insurance claims provides affected depositors the needed relief.

In a statement, the deposit insurer said total sales from the public biddings and negotiated sales exceeded the properties’ aggregate minimum disposal price of P156.2 million by 10.1 percent or P15.7 million.

“The number of properties sold was also 33.3% more than the 93 properties sold during the same period in 2022,” said PDIC.

In the first semester, PDIC’s asset sales included 102 residential lots, 15 agricultural lots, six commercial lots, and one mixed residential/agricultural lot.

Of the total 124, 109 were owned by closed banks while 15 were PDIC acquired assets.

The properties were located in Metro Manila, Central Luzon, North Luzon, South Luzon, Bicol Region, Davao Region, Southern Visayas, and Northeastern Mindanao.

“As the designated receiver of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas, the PDIC manages and liquidates the remaining assets of closed banks,” said PDIC.

The proceeds from asset disposals are added to the pool of funds from which the PDIC pays the claims of creditors and uninsured depositors of closed banks based on legal priority, it explained.

Meanwhile, since the pandemic, PDIC has shifted to e-bidding of corporate and closed bank assets through its portal, https://assetsforsale.pdic.gov.ph/, which it assures “provides a safe and convenient platform for interested buyers.”

“Through a one-time registration in the e-bidding portal, buyers can access and bid for real and other properties from the extensive asset inventory of the PDIC and closed banks,” it said.

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