Correct si Dragon21, PDIC stands for Philippine Deposit Insurance Corporation which is located at Pasong Tamo, Makati City. The purpose of PDIC is to collect all properties which the bank owns, sells some of them to settle all outstanding taxes and debts including all other monetary claims against the bank and gives the remaining if there be any to the owner of the bank. Not all cases of bankruptcy leads to a negative balance as the sale of properties in the name of the bank under receivership or liquidation may yield higher resale value and the same is more than the outstanding debts of the bank. Usual call is to sell movables before immovables. When a bank is under receivership it may not enter into new contracts but may only continue those which are existing until all payments are received.