The motor vehicles and generator sets are currently located in Metro Manila, Batangas, Bulacan, Cagayan, Cebu, Davao del Sur, Iloilo, Isabela, Laguna and Oriental Mindoro.
As the statutory receiver, the PDIC sells closed banks’ assets through public bidding and negotiated sales. Proceeds from the liquidation of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors based on legal priority.
Further, the disposal of these assets increases the chances of recovery of uninsured depositors’ and creditors’ trapped funds in the closed banks. Likewise, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, which is PDIC’s main fund source for payment of valid deposit insurance claims.