Success! PDIC sells P152.5 M from auction of condos, lots
More depositors of closed banks will get their money back using these funds.
The Philippine Deposit Insurance Corporation (PDIC) has raised P152.5 million from selling 35 properties through public biddings staged over the last two months.
In a statement, PDIC said it sold nine condominium units, eight parking lots, 17 other real property, and a generator set during public auctions. These properties were assets owned by closed banks, and are being sold off in order to settle outstanding liabilities of the banks to their clients.
“Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to their creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits,” the state insurer said.