THE Philippine Deposit Insurance Corp. (PDIC) reported collecting P162 million in the first half (H1) of 2024 through the sale of assets from closed banks and corporate properties.
This marked a 4.5 percent increase from P155 million in the same period last year, exceeding the aggregate minimum disposal price by 14.1 percent.
The assets sold included 141 residential lots, four agricultural lots, three commercial lots, and three mixed residential/agricultural lots. Of these properties, 101 were owned by closed banks, while the remaining 50 were corporate assets under PDIC ownership.
Bulacan, Laguna and Metro Manila accounted for the majority of sales, with Bulacan alone comprising 47 percent of all transactions.
The PDIC, an attached agency of the Bangko Sentral ng Pilipinas (BSP) and the government’s statutory receiver of closed banks, disposes of these assets through public and electronic biddings, as well as negotiated sales.
Proceeds from transactions go to trust funds managed by PDIC for closed bank creditors and uninsured depositors to increase the recovery rate for affected parties.
Corporate asset sales, meanwhile, increase the Deposit Insurance Fund, which enables PDIC to fulfill deposit insurance claims.
To streamline asset sales, PDIC launched an “Assets for Sale” portal, which allows buyers to participate in electronic public biddings (e-bidding) from anywhere, expanding access and promoting transparency.
This e-bidding platform, initially rolled out during the pandemic, simplifies registration and allows buyers to bid for various properties through a secure online system.
PDIC continues to conduct regular e-biddings, aligning with its commitment to transparency and financial stability.
P162M in 1st semester
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