PDIC prepares to sell assets of closed banks

MANILA, Philippines – The Philippine Deposit Insurance Corp. (PDIC) will put 52 residential and commercial lots belonging to closed banks up for sale for 72 million pesos.

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

The lot sizes of the properties are between 107 square meters and 1,079 square meters.

Rates for properties start at a minimum transfer price of 191,540 pesos up to 31.7 million pesos.

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

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

Proceeds from the sale will be added to the banks’ liquid asset pool for distribution to uninsured depositors and other creditors subject to competition and credit preference rules.

The disposal of these assets increases the chances of uninsured depositors and creditors recovering their funds trapped in closed banks.

During this time, proceeds from the sale of business assets are added to the Deposit Insurance Fund, the PDIC’s primary source of funding for the 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 wish to acquire.