PDIC eyes P141 M from April asset sale

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is raising P141 million from the sale of residential and commercial lots in Parañaque City and nearby provinces next month.

The agency’s Real and Other Properties Acquired (ROPA) disposal committee is scheduled to hold a public bidding on April 24 and 25 to dispose 42 properties of closed banks.

PDIC is selling 30 residential lots with improvements located in Mariano South Centerpoint, formerly known as Isabelle Gardens Homes, in Parañaque City.

 The properties are owned by Sandigan Savings Bank that was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas in 2007.

PDIC is also selling five commercial lots with improvements, five residential lots with improvements and two residential lots located in Metro Manila, Bataan, Bulacan, Cagayan, Cavite, Nueva Ecija and Pangasinan.

In January, PDIC raised close to P15 million from the sale of 52 properties of closed banks through a public bidding in Davao City.

The closed banks’ assets yielded an aggregate premium of P2.1 million against the total minimum disposal price of P12.6 million.

The sold assets consisted of 28 residential lots, 16 residential lots with improvement, four commercial lots with improvement, three industrial lots, and one industrial lot with improvement in Mindanao.

The expeditious liquidation of assets is one of the strategic directions of PDIC as liquidator 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.