The Philippine Deposit Insurance Corporation (PDIC) said June 3 that it recorded a significant increase in asset sales for 2024, generating P411.4 million from the sale of 281 properties, or a gain of 24.7 percent from the P330 million sales in 2023.
Of the 281 properties sold, 71 were PDIC acquired assets while 210 were owned by closed banks. Of the P411.4 million total sales, P194.9 million was generated through public biddings for more competitive pricing. As standard procedure, unsold assets during public biddings are offered for negotiated sale.
The remainder of P216.4 million was disposed of through negotiated sales as an alternative mode in asset liquidation, the PDIC said in a statement.
It added that while the number of assets sold in 2024 at 281 was the same level in 2023, the value last year exceeded the aggregate minimum bid price of P398.3 million, by P13.1 million or higher by 3.3 percent.
The funds or proceeds from these disposal transactions of the closed bank assets are held in trust by the PDIC, and are used to settle claims of closed bank creditors, including depositors with uninsured deposits.
The sales proceeds of corporate assets, meanwhile, augments the Deposit Insurance Fund (DIF), the primary source for deposit insurance claim payments.
The PDIC remains committed to enhancing its asset disposal programs through innovative disposal strategies to attract more buyers, process streamlining to ensure efficiency and ease of transactions, and vigorous marketing initiatives to optimize property values and maximize recoveries, such as segmentation and profiling of prospective buyers, partnership with the Pag-IBIG, conduct of virtual tours to interested bidders, and enhanced property search engine on the PDIC Assets for Sale microsite in the PDIC website.
With these measures, the corporation aims to further increase asset sales, improve financial recoveries, and support the stability of the financial system by helping ensure that funds are plowed back to the economy by way of investments and/or savings, it added. ||
