Sale of assets in 2022 increases P1.46B for PDIC

The STATE Philippine Deposit Insurance coverage Corp. (PDIC) earned 1.46 billion pesos final 12 months by means of asset gross sales involving 216 companies and banks.

A press release on Wednesday stated whole gross sales got here in at 30.9 million pesos, or 2.2 p.c, greater than the property’ whole minimal promoting worth of 1.43 billion pesos.

Gross sales proceeds had been additionally 327 p.c greater than the 341.6 million pesos recorded a 12 months earlier.

The property offered included 182 residential heaps, 18 business heaps, 15 agricultural heaps and one memorial lot. Of those, 155 had been owned by closed banks, whereas 61 had been acquired by the PDIC.

Most properties are positioned in Metro Manila, Central Luzon and South Luzon.

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Because the designated liquidator of banks ordered by the Financial Board, the PDIC administers and liquidates the banks’ remaining property.

Proceeds go to a fund pool from which PDIC pays the claims of collectors and uninsured depositors on a statutory precedence foundation.

Proceeds from the sale of firm property, in the meantime, go to the Deposit Insurance coverage Fund, the supply of funding for deposit insurance coverage funds.

The PDIC additionally stated it had switched to digital bidding by way of the portal in mild of the challenges posed by the Covid-19 pandemic.

The one-time registration permits patrons to bid on houses and different properties from an in depth stock, she added.