PDIC sells P223.1M worth of assets

Font Size

PDIC logo

THE PHILIPPINE Deposit Insurance Corp. (PDIC) sold P223.1 million worth of properties held by 533 shuttered banks through six public biddings from January to July this year.

In a press release, the PDIC said this activity enhances the chances of creditors of closed banks to recover their funds.

“Collectively, the public biddings yielded an aggregate premium of P57.9 million over the total minimum disposal price of P165.2 million,” it said in an statement.

Proceeds from the sale of closed banks’ properties are added to the pool of funds of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits, it added.

PDIC, an attached agency of the Department of Finance, was created in 1963 by virtue of Republic Act No. 3591 as amended to insure the deposits of all banks.

This government-owned and -controlled corporation exists to protect depositors by providing deposit insurance coverage up to P500,000 per depositor.

Its net income went up 13% to P6.426 billion last year from P5.689 billion in 2017. — MTA