Sale of closed banks’ assets yields P38.5M
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Wed, 26 Jun 2019 16:18:33 +0000
A total of P38.5 million was generated by the Philippine Deposit Insurance Corp. (PDIC) from selling the assets of closed banks in public biddings in April and May.
The amount was P6.3 million higher than the assets’ minimum disposal price of P32.2 million, the state-run depositor said in a statement on Wednesday.
Sold were 28 residential lots with improvements, six residential lots and one lahar lot, all located in Luzon.
“Proceeds from the sale of closed banks’ properties are added to the pool of funds of these banks for distribution to creditors and uninsured depositors in accordance with the rules on concurrence and preference of credits,” PDIC said.
Selling such assets is one of PDIC’s tasks as the statutory receiver and liquidator of closed banks.
To help ensure that recoveries from closed banks’ assets are maximized, PDIC sells assets through biddings and auctions. Interested parties may buy unsold assets through a negotiated sale.|
Since January 2019, PDIC said it has generated P112.5 million from the sale of 107 properties through public biddings.
Collectively, the biddings yielded an aggregate premium of P17.3 million over the total minimum disposal price of P95.2 million, it added.
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