The deposit insurer bagged good deals in its latest auction.
The Philippine Deposit Insurance Corporation (PDIC) struck gold during their May 29 auction of properties in Makati City.
In a statement, the state-run firm said they scored P37.9 million from the public offering of 20 properties recovered from closed banks.
This is a feat, considering that the assets are aggregately valued at P30.8 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. Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC?s fund source for payment of valid deposit insurance claims,” the agnecy said in a statement.