PDIC steps up disposal of closed banks’ assets

MANILA, Philippines -  State-run Philippine Deposit Insurance Corp. (PDIC) is stepping up the disposal of foreclosed and assets owned by closed banks through the sale of various lots worth P106 million located in the provinces.

The deposit insurer is set to bid out tomorrow 201 commercial and residential lots located in Bataan, Benguet, Bulacan, La Union, Nueva Ecija, Pampanga, Pangasinan, Tarlac and Zambales.

Aside from the lots, PDIC is disposing two generator sets and two motor vehicles on an “as-is, where-is” basis.

Prospective buyers 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.

Last Thursday, PDIC auctioned P319 million worth of foreclosed assets of shuttered banks including condominium units at the business center in Ayala Alabang as well as several lots in Manila and nearby provinces.

These included eight condominium units and eight parking slots with a minimum bid price of P69.53 million at the Calereice Mapfre Asian Corp. Center at the Madrigal Business Park in Ayala Alabang, Muntinlupa City.

The units are owned by Export and Industry Bank that was ordered closed by the Bangko Sentral ng Pilipinas in 2012.

The state-owned deposit insurer is also selling several residential lots valued at P248.98 million at the Eagle Ridge Golf and Residential Estates in Gen. Trias in Cavite, Batangas, Laguna, Quezon, Rizal and Metro Manila.

Last Aug. 11, PDIC auctioned more than 80 condominium units and appurtenant parking slots valued at least P1.53 billion at the ExportBank Plaza in Makati City, One McKinley Place in Taguig City and Victoria Plaza in San Juan City.

The deposit insurer also auctioned 76 units and several parking slots at the ExportBank Plaza located at the corner of Pasong Tamo St. and Gil Puyat Ave. in Makati City. The most expensive is the penthouse unit with five parking slots worth P42.47 million.

The government-owned deposit insurer is also selling six units with 10 parking slots only worth P150.11 million at One McKinley Place, Crescent Park West at the Bonifacio Global City in Taguig as well as a unit with four parking slots worth P23.19 million at The Victoria Plaza Condo at 41 Annapolis St. in Greenhills, San Juan City.

Proceeds from the sale of closed banks’ properties are added to 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.