The Philippine Deposit Insurance Corporation (PDIC) generated P162.0 million from the disposal of 151 corporate and closed bank assets for the first semester of the year as part of its asset disposal initiatives.
Total sales from the conduct of public biddings and negotiated sales reached P162.0 million, 4.5% or P7.0 million higher compared to the total sales of P155.0 million during the same period last year. The total sales also exceeded the properties’ aggregate minimum disposal price of P142 million by 14.1% or P20.0 million. The total number of properties sold is 151, 21.8% or 27 properties more compared to the 124 properties sold during the same period in 2023.
The assets sold comprised 141 residential lots, four agricultural lots, three commercial lots, and three mixed residential/agricultural lots. Of the total, 101 were owned by closed banks and 50 were acquired assets of the PDIC. The majority of properties sold were located in Bulacan (47%), Laguna (21%), and Metro Manila (11%).
The PDIC, acting as the statutory receiver of closed banks, liquidates assets owned by closed banks through public biddings and negotiated sales. Proceeds from these asset disposal initiatives are added to the closed banks’ funds held in trust by PDIC for distribution to creditors including uninsured depositors. The liquidation efforts of the PDIC enhance the likelihood of increasing the recoveries of closed bank creditors and uninsured depositors. On the other hand, proceeds from the disposal of corporate assets are channeled to the Deposit Insurance Fund to fund the settlement of deposit insurance claims.
To accelerate asset disposal, the PDIC began conducting electronic public biddings (e-bidding) for corporate and closed bank assets during the pandemic through its “Assets for Sale” portal at https://assetsforsale.pdic.gov.ph/, providing a safe and convenient platform for interested buyers. Through a one-time registration in the e-bidding portal, buyers can access and bid for real and other properties from the extensive asset inventory of PDIC-owned and closed bank properties. The PDIC continuously conducts public e-biddings, in step with the PDIC’s commitment to transparency, innovation, and adaptability. The public e-biddings also aim to reach a broader array of potential buyers and streamline the acquisition process. Public bidding, in general, aims to maximize asset disposal revenues by generating competitive offers from bidders.
For more information on properties for public bidding and offered for negotiated sale, interested buyers within Metro Manila may call the PDIC Public Assistance Department at (02) 8841-4141 during office hours. Interested parties outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-PDIC or 1-800-1-888-7342, also during office hours. Inquiries may also be sent via e-mail at pad@pdic.gov.ph, or private message on PDIC’s Assets for Sale Facebook page (@PDICAssetsforSale) or PDIC’s official Facebook page (@OfficialPDIC).
