It’s a good way to start the month.
The Philippine Deposit Insurance Corporation (PDIC) made good gains from the sale of foreclosed bank assets on Friday, March 1.
In a statement, the state insurer announced that they raised P59.3 million as it sold 10 properties via public bidding.
The assets sold were worth P50.4 million, but PDIC made an extra P8.9 million from sealed bids received from buyers.
The money will then be used to pay out uninsured depositors and to pay creditors of banks shut down by the central bank.