PDIC to bid out P78 M foreclosed bank assets

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is eyeing P78 million from the disposal of several foreclosed assets of closed banks in the provinces towards the end of the month.

The public bidding of the 75 closed banks and corporate assets is scheduled on May 29.

Up for bidding are 40 residential lots, 31 residential lots with improvements, three commercial lots with improvements, and a road lot sold with five residential lots.

The properties are located in Metro Manila, Aklan, Albay, Bataan, Batangas, Camarines Sur, Cavite, Negros Oriental, Quezon, and Rizal.

Each bid should be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid, in cash or manager’s check, or a combination thereof.

The winning bidder should pay the balance of the bid/purchase price in full within 15 calendar days from the receipt of the certificate of award or not later than June 13.

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 expenses before submitting their bids.

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

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.

The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.

Meanwhile, gains 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.