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PDIC sells P55.6-M assets in bidding

Written by  Ed Velasco
Wednesday, 15 August 2012 00:00 [ tribune.net.ph ]

The Philippine Deposit Insurance Corp. (PDIC) has generated P55.6 million from successfully selling 64 corporate and closed bank properties in Davao City during its bidding in the city last Aug. 1.

Sixty-one properties were sold outright during the bidding while three properties were sold via negotiated sale.

The 61 properties were sold during the public bidding in Davao City for P55.17 million, representing a premium of four percent or P2.15 million compared to the minimum disposal price (MDP) of P53.02 million.

Meanwhile, offers to buy three properties with a combined MDP of P375,000 were accepted after the bidding.

These were sold for the total offer price of about P406,000 or a premium of eight  percent from the MDP.

The properties for bidding consisted of 71 PDIC corporate real properties and 59 real properties of the closed All Asia Bank Corp. (AABC).

Collectively, the properties had an MDP of almost P243.89 million.

The PDIC is planning to conduct other public biddings of corporate and closed banks’ assets before the year ends.

These initiatives of PDIC are in line with the corporation’s roadmap to 2016 to expedite the disposal/liquidation of non-financial assets and maximize recoveries.

Aura Calbario, deputy director of corporate affairs office, said schedule of the next bidding is either next month or in October.  
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