PDIC eyes P200 million from asset sale

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is raising close to P200 million from the sale of foreclosed assets of shuttered banks in the cities of Iloilo and Cagayan de Oro over the next two months.

The deposit insurer is raising P68 million from the sale of 43 assets consisting of 21 residential lots, 19 residential lots with improvement, two commercial lots with improvement, and one mixed-use industrial/residential lot through a public bidding on Aug. 30 in Iloilo Ciy.

The properties are located in Bohol, Cebu, Iloilo and Negros Occidental.

Some of the prime properties included in the bidding are one commercial lot with improvement in Iloilo City with minimum disposal price of P22 million and a residential lot with improvement in Concepcion, Iloilo worth P3 million.

Others include four residential lots in Bacolod City with prices ranging from P1.1 million to P2.9 million.

 On Sept. 27, PDIC is auctioning a total of 3,326 closed banks’ and corporate assets worth P117.2 million at the Bangko Sentral ng Pilipinas-Cagayan De Oro branch.

Up for bidding are 3,307 memorial lots located at Ma. Christina Gardens, Brgy. Sta. Filomena, Iligan City, Lanao del Norte and at Cagayan de Oro Gardens, Lumbia district, Cagayan de Oro City, Misamis Oriental to be sold by block.

Nine residential lots, five residential lots with improvement, two industrial lots, one commercial lot with improvement, and two motor vehicles located in Agusan del Norte, Bukidnon and Surigao del Norte are also up for sale.

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

As receiver 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.

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