The Philippine Deposit Insurance Corporation (PDIC) realized a higher take from asset sales last year.

In a statement late Tuesday, PDIC said it generated P411.4 million from the sale of 281 properties in 2024, higher by 24.7 percent from the P330 million sales in 2023.

While the assets sold in 2024 was the same level in 2023, the total value sold in 2024 exceeded the aggregate minimum bid price of P398.3 million by P13.1 million.

Of the 281 properties sold, 71 were PDIC-acquired assets while 210 were owned by closed banks.

The PDIC said P194.9 million was generated through public biddings for more competitive pricing.

As a standard procedure, unsold assets during public biddings are offered for negotiated sale.

The PDIC said P216.4 million was disposed through negotiated sales as an alternative mode in asset liquidation.

The funds or proceeds from these disposal transactions of the closed bank assets are held in trust by the PDIC and are used to settle claims of closed bank creditors, including depositors with uninsured deposits.

PNA PHOTO