PDIC to bid out P52 M banks’ foreclosed assets

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is set to bid out more assets of closed banks to beef up its funds for distribution to uninsured depositors and other creditors.

PDIC is looking to raise P52 million via public bidding on an “as-is, where is” basis 130 assets of closed banks as well as assets it had acquired.

The PDIC Real and Other Properties Acquired (ROPA) disposal committee will hold the auction on March 15 at the Bangko Sentral ng Pilipinas, San Fernando branch.

Up for grabs are 123 real properties and seven transportation equipment.

Real properties comprise three agricultural lots, one mixed-use agricultural or residential lot, one mixed-use residential/commercial lot, 38 residential lots, and 80 lots with improvement.

Of the 80 lots with improvement, 75 are residential, three are commercial lots, one is a mixed-use agricultural/residential lot and one is institutional.

The properties are located in Abra, Baler, Bataan, Benguet, Bulacan, Ilocos Sur, La Union, Nueva Ecija, Pampanga, Pangasinan, Tarlac and Zambales.

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.

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

As liquidator of closed banks, PDIC holds various asset disposal initiatives such as biddings, auctions and negotiated sale.

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.