Sale of closed banks’ assets raises P223.1M
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Wed, 28 Aug 2019 17:22:27 +0000
A total of P223.1 million was generated by the Philippine Deposit Insurance Corp. (PDIC) from selling the assets of closed banks in public biddings in January to July.
The amount was P57.9 million higher than the assets’ minimum disposal price of P165.2 million, the state-run depositor said in a statement on Wednesday.
Sold were 533 closed banks’ properties through six public biddings.
In its most recent public bidding alone on July 31 in Makati City, the proceeds amounted to P113.4 million involving 438 residential lots owned by the closed Accord Savings Bank Inc.
These residential lots are located in Green Farm Royale Subdivision in Pulong Bunga village, Silang town, Cavite province, PDIC said.
“Proceeds from the sale of closed banks’ properties are added to the pool of funds of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits,” it said.
Selling such assets is one of PDIC’s tasks as the statutory receiver and liquidator of closed banks.
To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets through biddings.
“Interested buyers are encouraged to visit the PDIC Assets for Sale microsite at http://assetsforsale.pdic.gov.ph for information on the inventory of available assets for sale. The microsite may also be accessed via the PDIC website, www.pdic.gov.ph,” it said.
Interested parties may buy unsold assets through a negotiated sale.