MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is disposing 66 properties of closed banks with an aggregate minimum disposal price of P107.5 million via a public bidding scheduled on March 1.
The agency’s real and other properties acquired (ROPA) disposal committee is set to bid out 23 residential lots, 25 residential lots with improvement, two commercial lots, 14 motor vehicles, one air conditioner and a generator set.
The properties are located in Metro Manila, Batangas, Cagayan Valley, Iloilo, Laguna, Negros Occidental, Palawan, Pangasinan, Quezon and Rizal.
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/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 March 18.
Last month, PDIC auctioned 195 assets of closed banks worth close to P70 million through a public bidding in Davao City. These included 143 residential lots, 40 residential lots with improvements, six commercial lots with improvements, three industrial lots, one commercial lot, one industrial lot with improvement, and a mixed-use residential/agricultural lot.
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, 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.