PDIC sets sale of closed bank’s agricultural lots

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P56.11 million worth of 22 agricultural lots owned by a padlocked bank.

PDIC will conduct on Oct. 27 an electronic public bidding for 19 agricultural lots and three mixed residential and agricultural lots.

There are also two properties consisting of one residential lot with improvement and one vacant agricultural lot which will be sold as one.

Lot sizes of the properties are between 720 square meters and 18,811 sqm.

Rates for the properties start at a minimum disposal price of P121,930 million to as much as P28.2 million.

The lots are located in Bataan, Batangas, Bulacan, Cagayan, Cavite, Davao de Oro, Leyte, Negros Oriental, and South Cotabato.

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