PDIC selling P65 million worth of lots

The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P65.6 million worth of 30 residential and commercial lots owned by closed banks, according to a report by Philippine Star.

PDIC will conduct on March 9 an electronic public bidding of 30 residential and commercial lots in Luzon.

These include 12 residential lots, 15 residential lots with improvements, and one vacant commercial lot.

Also for sale is a parking slot and a commercial office and condominium unit with appurtenant parking lot in Mandaluyong City.

Lot sizes of the properties are between 12.5 square meters and 4,348 sqm.

Rates for the properties start at a minimum disposal price of P220,000 to as much as P19.6 million.

The lots are located in Metro Manila, Nueva Ecija, Pangasinan, Quezon, Rizal, Albay, Bataan, Batangas, and Cagayan.

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 the 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.