PDIC sets auction of subdivision lots

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P62 million worth of over 200 subdivision lots owned by New Rural Bank of Tagkawan.

The PDIC will conduct on Aug.26 an electronic public bidding to auction 215 subdivision lots.

Lot sizes of the properties, which were previously owned by the shuttered bank are between 78 square meters and 374 sqm.

Rates for the properties start at a minimum disposal price of P183,300 to as much as P1.2 million.

The lots are located in Bona Ville Subdivision, Brgy. Pahinga Norte, Candelaria in Quezon.

As the mandated liquidator, the PDIC sells assets of closed banks through public biddings and negotiated sales.

Proceeds of such transactions are 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.