Closed banks’ agriculture lots to be sold for P189 million

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is set to auction P189 million worth of agricultural lots owned by padlocked banks through a public electronic bidding on Nov. 8.

The PDIC is disposing a total of 65 agricultural properties across the country, including 58 agricultural lots, 48 of which are vacant, three mixed residential and agricultural lots, and two mixed residential and agricultural lots with improvements.

Also included is an agricultural rice land and a fishpond.

Lot sizes of the properties are between 801 square meters and 223,862 sqm.

Rates for the properties start at a minimum disposal price of P49,965 to as much as P16.8 million.

The PDIC said the lots are located in Batangas, Camarines Sur, Cavite, Isabela, Lanao del Norte, Marinduque, Occidental Mindoro, Negros Oriental, Pangasinan and South Cotabato.

As the mandated liquidator, the PDIC sells closed bank-owned assets through public biddings and negotiated sales.

The proceeds are added to the pool of liquid assets of the banks for distribution to uninsured depositors and other creditors subject to 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 in the closed banks.

Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.

PDIC reminded bidders of their responsibility to determine the actual condition, status, ownership, and other circumstances of the propertiesthey want to acquire.