July 23, 2014 10:40 PM ET

Diversified Financial Services

Company Overview of Philippine Deposit Insurance Corporation

Company Overview

Philippine Deposit Insurance Corporation is a government organization that insures deposits of the banks. The organization assesses, examines, supervises, and co-regulates banks; liquidates closed banks; and publishes reports on bank deposits. It operates Deposit Insurance Fund, a fund insuring deposits of the banks in the event of a bank closure. The organization also offers physical and online publications for information on bank deposit insurance and financial stability topics; and addresses complaints of bank depositors. Philippine Deposit Insurance Corporation was founded in 1963 and is based in Makati, the Philippines.

4th - 10th Floor

SSS Building

6782 Ayala Avenue Corner

V.A. Rufino Street

Makati,  1226

Philippines

Founded in 1963

Phone:

63 2 841 4000

Fax:

63 2 817 3566

Key Executives for Philippine Deposit Insurance Corporation

President
Age: 65
Senior Vice President and General Counsel
Executive Vice President of Examination and Resolution Sector
Age: 64
Executive Vice President of Receivership and Liquidation Sector
Senior Vice President of Deposit Insurance Sector
Compensation as of Fiscal Year 2014.

Philippine Deposit Insurance Corporation Key Developments

PDIC Seeks To Sell Assets On November 25

Philippine Deposit Insurance Corporation (PDIC) is selling via public bidding on an as-is, where-is basis a total of 177 real property with a combined minimum disposal value of PHP 39.1 million on November 25, 2013. The bidding assets are closed banks' assets consisting of commercial and residential lots located in various provinces of Mindanao including Zamboanga Del Norte, Zamboanga Del Sur, Zamboanga Sibugay, Bukidnon, Camiguin, Lanao Del Norte, Misamis Oriental, North Cotabato, South Cotabato, Sarangani and Sultan Kudarat. The PDIC will receive sealed bids only from direct buyers at the bidding venue on November 25, 2013 from 9:00 a.m. to 2:00 p.m. No extension will be given for the submission of bids. Bids shall be accepted from Filipino citizens only or from corporations or associations which are at least 60%-owned by Filipino citizens. All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid either in cash or manager's or cashier's check issued by a commercial bank. The winning bidder is required to pay the balance of the bid price before December 4, 2013.

PDIC Seeks To Sell Assets

Philippine Deposit Insurance Corporation (PDC) is set to sell 152 real properties and six bank premises for a total minimum disposal value of PHP 90 million. Philippine Deposit said that the assets will be sold through public bidding on November 19, 2013 on an "as-is, where-is" basis. Under the "as-is, where-is basis" bidding, prospective buyers are advised to physically inspect the properties they are interested to buy, assess and verify the land titles and other documents, and determine unpaid taxes, fees or expenses before submitting their bids. "The public bidding will be held at the Bangko Sentral ng Pilipinas-Legaspi Branch located in Barangay 18, Rizal Street, Cabagñan, Legaspi City, Albay. Opening of bids will start at 2 p.m.," it stated. PDIC noted that closed banks' assets consisting of commercial and residential lots were up for bidding, and the pieces of property are located in the various cities and provinces of the Bicol Region including Albay, Camarines Norte, Camarines Sur and Sorsogon. "The PDIC will receive sealed bids only from direct buyers at the bidding venue on November 19, 2013, from 9 a.m. to 2 p.m.," it stated. PDIC noted that no extension will be given for the submission of bids. Bidders are also advised to come at least one hour prior to opening of bids for the registration. PDIC said that it also reserves the right to limit the number of attendees/witnesses to the bidding venue, adding that bids shall be accepted from Filipino citizens only, or from corporations or associations which are at least 60% owned by Filipino citizens. "All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid either in cash or manager's or cashier's check issued by a commercial bank. The winning bidder is required to pay the balance of the bid price not later than November 28, 2013," it stated. PDIC said that bid documents such as bid forms, conditions of bid, and acceptable formats for the special power of attorney and secretary's certificate may be downloaded from the PDIC website, www.pdic.gov.ph.

PDIC Plans To Sell PHP 46.73 million Worth Assets

Philippine Deposit Insurance Corporation is planning to sell PHP 46.73 million Worth Assets via public bidding. PDIC will sell up to 91 real properties with an aggregate minimum disposal value of PHL 46.73 million on September 27, 2013. The public bidding will be held at the PDIC Training Room, 9th Floor, SSS Building, Ayala Avenue corner V.A. Rufino St., Makati City. Opening of bids will start at 2:00 p.m. The real properties consist of two former bank premises, one condominium unit and 88 residential lots, some of which have improvements. The properties are located in Metro Manila and in the provinces of Ilocos Sur, La Union, Pangasinan, Isabela, Nueva Ecija, Tarlac, Bataan, Bulacan, Zambales, Pampanga and Rizal.

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