Unlocking value: PDIC raises P171 million from sale of closed banks’ assets

The Philippine Deposit Insurance Corp. (PDIC) has successfully raised P171.9 million from the sale of 124 corporate and closed bank assets as of the end of June this year.

The PDIC is entrusted with the task of managing and disposing of assets from banks that have been shuttered by the Bangko Sentral ng Pilipinas (BSP).

The funds accrued from the sale of corporate assets are directed toward augmenting the Deposit Insurance Fund (DIF) of the PDIC. The DIF serves as the financial reservoir for deposit insurance payouts, a critical mechanism providing timely relief to affected depositors.

According to the PDIC, the overall sales figures from public biddings and negotiated sales surpassed the combined minimum disposal price of the properties, totaling P156.2 million, by 10.1 percent, or P15.7 million.

“The number of properties sold was also 33.3% more than the 93 properties sold during the same period in 2022,” PDIC further noted.

During the first half of the year, PDIC’s asset sales encompassed 102 residential lots, 15 agricultural lots, six commercial lots, and one mixed residential/agricultural lot. Out of the 124 properties, 109 belonged to closed banks, while 15 were assets acquired by the PDIC.

These properties were dispersed across various regions, including Metro Manila, Central Luzon, North Luzon, South Luzon, Bicol Region, Davao Region, Southern Visayas, and Northeastern Mindanao.