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PDIC sells P349m worth of properties

By Julito G. Rada | Feb. 23, 2015 at 11:01pm [ ]

State-run Philippine Deposit Insurance Corp. said it raised P349 million from the sale of corporate and closed banks’ real properties in 2014.

PDIC said in a statement Monday the number of properties sold last year reached 304.  These included 283 assets of closed banks which were sold for P236 million and 21 properties under corporate assets which generated P113 million.

“Properties sold through public bidding amounted to P142 million while P205 million were sold via negotiated sale as allowed under PDIC’s disposal policy,” the agency said.

The properties sold were from various locations in Metro Manila and the provinces of Albay, Baguio, Batangas, Bulacan, Cagayan, Cavite, Ilocos Norte, Laguna, Nueva Ecija, Pampanga, Pangasinan, Quezon, Rizal, Samar, Tarlac, Aklan, Camarines Norte, Camarines Sur, Cebu,

Negros Occidental, Negros Oriental, Sorsogon, South Cotabato and Lanao del Norte.

PDIC said it also generated P25 million from the sale of transportation and furniture, fixtures and equipment of closed banks.

“Proceeds from disposal of closed banks’ assets are held in trust for closed banks. As liquidator of closed banks, the PDIC is mandated to dispose and resolve the assets of closed banks and convert these to cash to settle claims of creditors as well as depositors with uninsured deposits, subject to the rules on concurrence and preference of credits,” it said.

Meanwhile, it said proceeds from the disposal of corporate assets were added to the Deposit Insurance Fund, the funding source for payment of deposit insurance claims.

PDIC is mandated to prudently manage and continuously build up the DIF to ensure it is able to respond to insurance calls in case of bank closures.

PDIC said it regularly conducted public biddings nationwide which were announced through its website as well as in national newspapers.

Assets not sold during public biddings are disposed through negotiated sale and other modes of asset disposal.

PDIC said this year, it would sell on an “as-is, where-is” basis various assets of closed banks with an aggregate minimum disposal value of P253.9 million in separate public auctions to be held in Davao and Makati City.

The first public auction this year would be held on Feb. 26 at Unit 80, 8th Floor, Landco-PDCP Condominium Building, Pryce Business Park, J.P. Laurel in Davao City.

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