State-run Philippine Deposit Insurance Corp. (PDIC) generated P1.46 billion in total sales from 216 corporate and closed bank assets sold last year.
Total sales were higher by P30.9 million or 2.2 percent than the sold properties’ aggregate minimum disposal price of P1.43 billion.
Sale proceeds were also 327 percent more than the P341.6 million made in 2021 through public bidding and negotiated sales.
Sold assets comprised 182 residential lots, 18 commercial lots, 15 agricultural lots, and one memorial lot.
Closed banks own 155 of the total assets disposed, while 61 were acquired assets of the PDIC. Most of the properties are located in Metro Manila, Central Luzon, and South Luzon.
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.
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.
On the other hand, sale proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund (DIF), the funding source for payments of deposit insurance.
In response to the asset disposal challenges of the pandemic, the PDIC shifted to e-bidding of corporate and closed bank assets through its user-friendly portal, https://assetsforsale.pdic.gov.ph/, that 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.
