PDIC surpasses goals with P330M asset sales in 2023

By Francis Allan L. Angelo

The Philippine Deposit Insurance Corporation (PDIC) has announced a triumphant asset liquidation performance for 2023, hitting a high mark with P330 million in total sales. This impressive figure not only surpasses the anticipated disposal price but indicates a substantial valuation increase for the assets sold.

According to the PDIC, the total sales value went beyond the expected P301.4 million by 9.5%, which is a surplus of P28.6 million. The value of these liquidated assets represents a 261.4% appreciation from their original book value of P91.3 million. Additionally, there was a noteworthy increase in the number of real properties sold in 2023, totaling 281. This is a 30% hike from the 216 properties sold in the previous year.

The PDIC’s detailed report notes that the sold real properties were predominantly located in Central and South Luzon and South Cotabato, encompassing various types of lots. This included 232 residential, 31 agricultural, 17 commercial lots, and one lot for mixed residential and agricultural use. Of these, properties from closed banks accounted for 235, while those that were corporate/PDIC-acquired amounted to 46.

A highlight of the liquidation success included the sale of two Makati Sports Club shares previously owned by the closed Export and Industry Bank. These shares were sold in September for a significant P2.9 million, far exceeding the minimum price set at P1.9 million.

As the statutory receiver for closed banks, the PDIC conducts asset liquidation through public biddings and negotiated sales, with proceeds contributing to the funds held in trust for distribution to creditors and uninsured depositors as per the Civil Code of the Philippines. The disposal of corporate assets bolsters the Deposit Insurance Fund, which is crucial for settling deposit insurance claims.

To streamline the disposal process and embrace technological advances, the PDIC has transitioned to an electronic public bidding system. The organization has set up a user-friendly portal at https://assetsforsale.pdic.gov.ph/, facilitating a secure and convenient bidding process for interested buyers. This e-bidding portal is part of the PDIC’s strategy to expand its reach to potential buyers, promoting transparency and innovation.

For potential buyers seeking more information on properties available for bidding, the PDIC offers various communication channels, including a Metro Manila-based contact number, a toll-free hotline, email, and even dedicated social media pages for PDIC’s Assets for Sale.

This initiative by PDIC not only reflects its resilience and adaptability post-pandemic but also its commitment to maximizing returns from asset disposal to support the stakeholders involved, particularly the creditors and depositors of closed banks.

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