Friday 23 March
Powered by Ajaxy
Dec 8, 2017 @ 12:33

PDIC earns P13.4M from asset sale in Bicol


The amount raised will be used to settle deposits owed to clients.

The Philippine Deposit Insurance Corporation (PDIC) raised a total of P13.4 million from selling properties previously held by closed banks located in the Bicol region.

The properties were sold through a public bidding hosted by the Bangko Sentral ng Pilipinas office in Legazpi, which cover lots located in Albay, Camarines Norte, and Camarines Sur.

The bidding generated an additional P4.1 million for the PDIC, on top of the actual market values of the properties at a combined 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 in accordance with the rules on concurrence and preference of credits,” the PDIC said in a statement.

Tags: , , , , , , , ,

Related Stories
Fewer but stronger rural banks would ensure that more Filipinos in the countryside will get
More depositors of closed banks will get their money back using these funds.
The central bank found this small lender unfit to remain in business.
Looks like the Splash-run firm has now run dry.


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.