MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P123.8 million worth of 58 residential and commercial lots owned by padlocked banks.
The PDIC will conduct on Nov.28 an electronic public bidding to auction 58 residential and commercial lots in Luzon and Visayas.
These include 31 residential lots with improvements, 22 residential lots, and five commercial lots with improvements.
Lot sizes of the properties are between 58 square meters and 4,860 sqm.
Rates for the properties start at a minimum disposal price of P100,000 to as much as P22.9 million.
The PDIC said the lots are located in Metro Manila, Albay, Bataan, Bulacan, Cagayan, Camarines Sur, Cebu, Iloilo, Laguna, Leyte, Negros Oriental, Palawan, Pampanga, Pangasinan, Quezon, and Rizal.
The properties are owned by PDIC or closed banks under liquidation by PDIC.
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 reminded bidders of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they want to acquire.