PDIC to put up P133 million properties for auction

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P133 million worth of commercial lots owned by padlocked banks.

The PDIC will accept bids via its e-bidding portal on December 8 for three commercial lots located in Pangasinan.

Two commercial lots with improvements owned by the PDIC located in Barangay Lucao in Dagupan City will be sold as one.

The properties have a combined area of 4,236 square meters and a minimum disposal price of P100.2 million.

Another 461 sqm-commercial lot with improvement in Barangay Poblacion East in Calasiao is also up for sale for P32.7 million.

It is previously owned by the Rural Bank of Calasiao Inc. which was ordered closed by the Bangko Sentral ng Pilipinas and placed under receivership of the PDIC in November 2015.

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

Proceeds of such transactions 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 properties they want to acquire.