PDIC auctions off closed banks’ assets next week

MANILA, Philippines - State-run Philippine Deposit Insurance Corp. (PDIC) is putting on the auction block next week various assets and properties owned by shuttered banks.

In a statement, PDIC said 76 properties located in Baguio City, Bulacan, Cavite, Nueva Ecija, Rizal and Metro Manila would be auctioned on Aug. 4 at its office in Makati City. The deposit insurer would accept bids until 2 p.m.

“Prospective buyers are advised to physically inspect the properties they are interested in, examine and verify the titles and other documents, and determine any unpaid taxes, fees or expenses before submitting their bids,” PDIC added.

PDIC regularly conducts biddings and auctions to dispose of non-financial assets of closed banks in order to settle claims of uninsured depositors and creditors.

Every bid should be accompanied by a bond or deposit equal to at least 10 percent of the submitted bid in the form of cash or manager’s or cashier’s check, the PDIC said.

The winning bidder, meanwhile, needs to pay the balance of the bid price until Aug. 13.

“Award for winning bids will be automatically cancelled if checks are not cleared,” the agency said.

Interested bidders may view the detailed list of properties at the PDIC website.