PDIC disposing off 30 properties

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) plans to dispose a total of 30 residential lots owned by the closed Sandigan Savings Bank with an aggregate minimum bid price of P31.7 million.

In a statement, the PDIC said it would auction off on April 24 a total of 30 properties located in Mariano South Centerpoint, Barangay Moonwalk,Parañaque City, formerly known as Isabelle Gardens Homes.

PDIC said 29 of these properties are residential lots with improvements, while one is a vacant residential lot.

Sandigan Savings Bank was ordered closed by the Monetary Board in August 2007.

The 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.

According to PDIC, the bidding for Sandigan Bank’s properties will be held at the 9th Floor Training Room of the  SSS Building in Makati.

Sealed bids will be accepted by the PDIC Real and Other Properties Acquired (ROPA) disposal committee from direct buyers between 9 a.m. and 1:45 p.m.

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 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 May 9, 2019. The PDIC ROPA disposal committee will automatically cancel the award if the issued checks are not cleared.

PDIC advised bidders to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership and to determine any unpaid taxes, fees, charges and expenses before submitting their bids.