The Philippine Deposit Insurance Corporation (PDIC) earned PHP 162 million from the disposal of 151 corporate and closed bank assets during the first half of 2024 as part of its asset disposal initiatives.
Sales from public biddings and negotiated transactions totaled PHP 162 million, 4.5% or PHP 7 million higher than the PHP 155 million recorded during the same period last year. This figure surpassed the properties’ aggregate minimum disposal price of PHP 142 million by 14.1% or PHP 20 million. The total number of properties sold increased by 21.8%, with 151 properties sold compared to 124 in the first half of 2023.
The assets sold included 141 residential lots, four agricultural lots, three commercial lots, and three mixed residential/agricultural lots. Of these, 101 were owned by closed banks and 50 were PDIC-acquired assets. Most properties sold were located in Bulacan (47%), Laguna (21%), and Metro Manila (11%).
As the statutory receiver of closed banks, the PDIC liquidates assets through public biddings and negotiated sales. Proceeds from these sales contribute to the funds of closed banks held in trust by PDIC for distribution to creditors, including uninsured depositors. This liquidation enhances the potential recoveries for closed bank creditors and uninsured depositors. Meanwhile, proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund to support the settlement of deposit insurance claims.
To expedite asset disposal, the PDIC began conducting electronic public biddings (e-biddings) during the pandemic through its “Assets for Sale” portal at https://assetsforsale.pdic.gov.ph/. This platform offers a safe, convenient option for buyers, allowing them to access and bid on properties after a one-time registration. The PDIC continues to hold public e-biddings in line with its commitment to transparency, innovation, and adaptability. These e-biddings aim to attract a wider range of potential buyers and simplify the acquisition process, helping to maximize revenues by generating competitive bids.
Interested buyers within Metro Manila can contact the PDIC Public Assistance Department at (02) 8841-4141 during office hours. Those outside Metro Manila can call the toll-free hotline at 1-800-1-888-PDIC or 1-800-1-888-7342. Inquiries can also be sent via email to pad@pdic.gov.ph or through private messages on the PDIC’s “Assets for Sale” Facebook page (@PDICAssetsforSale) or official Facebook page (@OfficialPDIC).
