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PDIC eyes P400M from selling non-performing assets

Written by  Ed Velasco
Friday, 20 July 2012 00:00 [ ]

The Philippine Deposit Insurance Corp. (PDIC) is eyeing at least P400 million earnings from several sprawling properties ready for disposal in different parts of Metro Manila from 2012 to mid 2013.

First on the disposal block is a 2,011.24-square meter commercial vacant lot in Bgy. Sta. Clara in Taft Avenue, Pasay City valued at P76,427,120.

The lot is very near the Light Rail Transit (LRT) Libertad station adjacent to Puregold-Libertad and public market.

Selling of the lot will be on “as-is, where-is” basis. Bidding is scheduled on July 24, 2012 at the PDIC main office at 9th floor, SSS Bldg., Ayala Avenue, Makati City at 2 p.m.

The PDIC Asset Management and Disposal Department III (AMDD III) started accepting sealed bids starting July 18 and will end at 12 noon of July 24.

Although it wasn’t able to say how much worth of properties it intends to dispose for this year, a source at the PDIC said they expect to fetch at least P400 million from several acquired assets of different banks.

PDIC is working double time to dispose/sell/liquidate nonperforming assets, listed as real and other properties acquired (Ropa) from closed banks as it has a five-year roadmap to get rid of the properties that serve as “eyesore” to its financial statement.  

The assets/properties were acquired by the PDIC from banks placed under receivership recently.

PDIC president and chief executive officer Valentin Araneta, who was busy preparing for an important meeting, told the Tribune: “I will get back to you or ask the person in charge to give you the details.”

The PDIC corporate affairs advised prospective bidders to take steps to verify the actual condition of the property, titles or other evidence of ownership, as well as the size and area of the commercial lot.

All bids must be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid in the form of manager’s check issued by a commercial/universal bank in favor of PDIC.

The winning bidder has 30 working days from receipt of the notice of award to fully pay the balance.

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