PDIC raises P129-M through sale of properties

ABS-CBN News

Posted at Jan 16 2013 02:56 PM | Updated as of Jan 16 2013 10:56 PM

MANILA, Philippines - The Philippine Deposit Insurance Corp. has raised P128.57 million in 2012 after selling a total of 86 properties from shuttered banks.

PDIC said in a statement that 14 of the properties sold were corporate assets, while the remaining 72 were assets of closed banks. The assets included 57 real and other properties acquired and 15 vehicles.

Proceeds from the sale of corporate assets reached P108.11 million, while those from bank assets amounted to P20.46 million.

The agency, as liquidator of closed banks' assets, is tasked to sell and resolve assets of shuttered banks in order to pay out bank creditors, as well as insured depositors.