The agency’s Real and Other Properties Acquired (ROPA) disposal committee is set to hold the public bidding on an “as-is, where is” basis on Jan. 9 at the Bangko Sentral ng Pilipinas (BSP)-Davao Regional Office.
File
PDIC to auction P70 million worth of closed banks’ assets
Lawrence Agcaoili (The Philippine Star) - December 25, 2018 - 12:00am

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is kicking off 2019 with an asset disposal program involving 195 assets of closed banks worth nearly P70 million.

The agency’s Real and Other Properties Acquired (ROPA) disposal committee is set to hold the public bidding on an “as-is, where is” basis on Jan. 9 at the Bangko Sentral ng Pilipinas (BSP)-Davao Regional Office.

Up for bidding are 143 residential lots, 40 residential lots, six commercial lots with improvements, three industrial lots, one commercial lot, one industrial lot with improvement, and a mixed-use residential/agricultural lot.

The properties are located in Agusan del Norte, Agusan del Sur, Bukidnon, Camiguin, Davao del Norte, Lanao del Norte, Leyte, Maguindanao, Misamis Oriental, North Cotabato, South Cotabato, Sarangani, Sultan Kudarat and Zamboanga del Sur.

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.

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.

The winning bidder should pay the balance of the bid or purchase price in full within 15 calendar days from the receipt of the certificate of award or not later than Jan. 25 next year.

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

PDIC, as liquidator of closed banks, holds various asset disposal initiatives such as biddings 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 the assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.

PDIC was established through Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance coverage of up to P500,000 per depositor.

ASSET DISPOSAL PROGRAM PHILIPPINE DEPOSIT INSURANCE CORP.
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with