PDIC raises PP411 million from assets sale in 2024 

The Philippine Deposit Insurance Corporation (PDIC) reported higher sales from the asset sales last year, according to a report by Philippine News Agency.

In a statement late Tuesday, PDIC said it generated PHP411.4 million from the sale of 281 properties in 2024, higher by 24.7 percent from the PHP330 million sales in 2023.

While the assets sold in 2024 was the same level in 2023, the total value sold in 2024 exceeded the aggregate minimum bid price of PHP398.3 million by PHP13.1 million.

Of the 281 properties sold, 71 were PDIC-acquired assets while 210 were owned by closed banks.

The PDIC said PHP194.9 million was generated through public biddings for more competitive pricing.

As a standard procedure, unsold assets during public biddings are offered for negotiated sale.

The PDIC said PHP216.4 million was disposed through negotiated sales as an alternative mode in asset liquidation.

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, the primary source for deposit insurance claim payments.

The PDIC assured that it is committed to enhancing its asset disposal programs through innovative disposal strategies to attract more buyers.

"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 funds are plowed back to the economy by way of investments and or savings," the PDIC said.