This state insurer is unrelenting.
The Philippine Deposit Insurance Corporation (PDIC) is unstoppable in terms of raising fresh funding to settle the dues of closed banks.
In a statement, the PDIC announced a new public bidding scheduled on July 31, where they plan to dispose 58 assets taken from closed banks.
The properties are cumulatively worth P41 million, so PDIC wants to sell them with a premium to get more funding.
“The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds,” the PDIC said.
The bids will be received at the PDIC’s office in Makati City.