PDIC asset sales raised P1.5B in 2022

MANILA  – Philippine Deposit Insurance Corp. (PDIC) generated P1.46 billion from corporate and closed-bank assets sold last year as part of its asset disposal program, 327 percent better than the sale proceeds recorded in 2021.

In a  statement, PDIC reported that it had sold 216 corporate and closed-bank assets in 2022. In the previous year, it generated only P341.6 million from auctioning off foreclosed assets.

Total sales last year were also higher by P30.9 million or 2.2 percent than the minimum disposal price of P1.43 billion set by PDIC.

Sold assets included 182 residential lots, 18 commercial lots, 15 agricultural lots and one memorial lot. Of the total, 155 were owned by closed banks while 61 were acquired assets of the PDIC. Most of the properties are located in Metro Manila, Central Luzon and South Luzon.

As the designated receiver of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas, the PDIC manages and liquidates the remaining assets of closed banks.

Proceeds from asset disposals are added to the pool of funds from which the PDIC pays the claims of creditors and uninsured depositors of closed banks based on legal priority.

On the other hand, sale proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund, the funding source for payments of deposit insurance.

Amid the pandemic, PDIC has shifted to online bidding of idle assets.

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