PDIC readies sale of closed banks’ assets

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P72 million worth of 52 residential and commercial lots owned by closed banks.

The PDIC will sell 51 residential lots and one commercial lot, both with improvements, through electronic public bidding on Aug.5.

Lot sizes of the properties are between 107 square meters and 1,079 sqm.

Rates for the properties start at a minimum disposal price of P191,540 to as much as P31.7 million.

The lots are located in Apayao, Bataan, Batangas, Laguna, Oriental Mindoro, Quezon, Rizal, and Sultan Kudarat.

As the mandated liquidator, the PDIC sells closed bank-owned assets through public biddings and negotiated sales.

Proceeds from the divestment will be added to the pool of liquid assets of the banks for distribution to uninsured depositors and other creditors subject to 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 in the closed banks.

Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.

PDIC reminded bidders of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they want to acquire.