PDIC eyes P45 million from bank asset sales

MANILA, Philippines — Government-run Philippine Deposit Insurance Corp. (PDIC) is raising P45 million from the sale of 191 properties of closed banks including memorial lots via a public bidding next month.

PDIC continues to hold various asset disposal initiatives such as biddings, auctions and negotiated sale to beef up the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits.

The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.

PDIC is scheduled to bid out 43 residential lots, 14 residential lots with improvement, 84 motor vehicles and six generator sets with an aggregate minimum disposal price of P44.9 million on Sept. 26.

The properties are located in Metro Manila, Batangas, Capiz, Cavite, Laguna, Nueva Ecija, Palawan, Pangasinan, Quezon, Rizal and Tarlac. Also up for grabs are 42 memorial lots at the Manila Memorial Park in BF Homes, Parañaque City.

Bidders are advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.

Each bid should be accompanied by a bond/deposit equivalent to at least 10 percent of the submitted bid, in cash or manager's check, or a combination thereof.

The winning bidder should pay the balance of the purchase price in full within 15 calendar days from the receipt of the certificate of award or not later than Oct. 11.

The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s roadmap.