PDIC bidding out P30 million bank assets

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is disposing around P30 million worth foreclosed assets to raise more funds to pay off depositors of closed banks.

The agency’s real and other properties acquired (ROPA) disposal committee will auction a total of 55 closed banks’ assets with an aggregate minimum disposal price of P29.9 million on June 28.

Up for bidding are 41 residential lots, eight residential lots with improvements, two commercial lots, two motor vehicles and two generator sets.

The properties are located in Metro Manila, Agusan del Norte, Bataan, Batangas, Bulacan, Bukidnon, La Union, Laguna, Lanao del Norte, Misamis Oriental, Nueva Ecija, Pangasinan, Rizal and Surigao del Norte.

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 balance of the bid or purchase price should be paid in full within 15 calendar days from the receipt of the certificate of award or not later than July 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.