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.