PDIC reports 24.7% increase in asset sales proceeds to PHP411.4M

The Philippine Deposit Insurance Corporation (PDIC) reported a 24.7 percent increase in proceeds from asset sales in 2024, generating PHP411.4 million, up from PHP330 million the previous year.

Last year, the PDIC sold 281 properties, with PHP194.9 million generated through public biddings and PHP216.4 million disposed through negotiated sales.

Of these assets, 71 were acquired by the PDIC itself while 210 belonged to closed banks; proceeds are used to settle claims of creditors and uninsured depositors or to augment the Deposit Insurance Fund.

PDIC President Roberto B. Tan aims to enhance asset disposal programs through innovative strategies, including auctioning off 350 properties in 72 lots this year to increase financial recoveries and support economic stability.

Since March 15, the PDIC has implemented a new maximum deposit insurance coverage of PHP1 million per depositor per bank, doubling previous protection levels and fully insuring over 98.6 percent of total deposit accounts.