The Philippine Deposit Insurance Corp. said it generated P72.1 million from the sale of 15 closed banks’ properties through two public biddings in November in Makati City.
It said the sold assets yielded an aggregate premium of P6.5 million against the total minimum disposal price of P65.6 million. They included five residential lots, two residential lots with improvement, one commercial lot, four commercial lots with improvement, two motor vehicles and one generator set in Luzon and Visayas.
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 the expeditious liquidation of assets is one of its strategic directions as liquidator of closed banks.
It said to help ensure that recoveries from closed banks’ assets are maximized, the agency sells assets via competitive biddings and auctions.