THE Philippine Deposit Insurance Corp. (PDIC) is set to sell corporate and closed banks’ assets with a combined value of P61.5 million on March 19. The assets are located in Metro Manila, Aurora, Bataan, Batangas, Bulacan, Iloilo, Laguna, Nueva Ecija, Pangasinan, Quezon, Tarlac and Zambales. “Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits,” the PDIC said. Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims. Last year, PDIC raised a total of P277 million from selling the assets of closed banks in public biddings, 46-percent higher compared to the total 383 properties sold in 2018.

Source: Manila Times February 17, 2020 18:45 UTC