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Business

PDIC sets auction of residential lots

Louise Maureen Simeon - The Philippine Star

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P40 million worth of 41 residential lots owned by a padlocked bank.

PDIC will conduct on Oct. 20 an electronic public bidding of 41 residential lots with sizes ranging from 45 to 830 square meters.

Rates for the properties start at a minimum disposal price of P107,800 to as much as P3.9 million.

PDIC said the lots are located in Metro Manila, Bataan, Batangas, Camarines Sur, Cotabato, Davao de Oro, Laguna, Leyte, Marinduque, Occidental Mindoro, Pampanga, Pangasinan, Quezon, Rizal and Samar.

As the mandated liquidator, the PDIC sells closed bank-owned assets 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

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