THE PHILIPPINE Deposit Insurance Corp. (PDIC) has raised P13.4 million from the sale of seven corporate and closed banks’ properties in Albay, Camarines Norte, and Camarines Sur. In a statement released yesterday, PDIC said the public bidding, held last Nov. 16 in Legazpi City, involved a vacant residential lot, two commercial lots with improvements, and three residential lots with improvements. A vacant agricultural lot in Goa, Camarines Sur owned by PDIC was also sold. The bidding yielded an aggregate premium of P4.1 million based on the combined minimum disposal price of P9.3 million. Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to creditors and uninsured depositors. Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s source mainly for payment of valid deposit insurance claims.

RELATED ARTICLESMORE FROM AUTHOR