PDIC raises P14.7M from asset sale
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Tue, 19 Feb 2019 16:22:03 +0000
A total of P14.7 million was generated by the Philippine Deposit Insurance Corporation (PDIC) from selling the assets of closed banks in a public bidding last month.
The amount was P2.1 million higher than the assets’ minimum disposal price of P12.6 million, the state-run depositor said in a statement on Wednesday.
Sold were 28 residential lots, 16 residential lots with improvement, four commercial lots with improvement, three industrial lots, and one industrial lot with improvement, which are all located in Mindanao.
“Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits,” PDIC said.
Gains from the sale are added to the Deposit Insurance Fund, the money from which will be used to pay for valid deposit insurance claims.
Selling such assets is one of PDIC’s tasks as statutory receiver and liquidator of closed banks.
To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets through biddings and auctions. Interested parties may buy unsold assets through a negotiated sale.
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