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PDIC sets auction of closed banks’ assets

By Lawrence Agcaoili (The Philippine Star) | Updated May 12, 2016 - 12:00am

MANILA, Philippines – State-run Philippine Deposit Insurance Corp. (PDIC) is disposing several assets of foreclosed banks worth P135 million through a public bidding at the end of the month.

PDIC’s Real & Other Properties Acquired (ROPA) Disposal Committee is set to sell on an “as-is, where-is” basis 95 assets owned by closed banks on May 31.

Up for bidding are 91 real properties located in Albay, Bataan, Benguet, Bulacan, Cagayan, Camarines Sur, Cavite, Ilocos Sur, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Nueva Ecija, Pangasinan, Quezon, Surigao del Norte, and Zambales.

PDIC is also selling a generator set and three motor vehicles.

Bidders are advised to bring proper identification document with photo and to register at least one hour prior to the deadline for submission of bids. Bid documents may be downloaded free of charge from the PDIC website,

Prospective buyers are also advised to physically inspect the properties they are interested in, examine and verify the titles and other documents, and determine any unpaid taxes, fees and/or expenses before submitting their bids.

Each bid should be accompanied by a bond/deposit equivalent to at least 10 percent of the submitted bid, in cash or manager’s or cashier’s check, or a combination thereof.

The expeditious conversion and resolution of assets are among the objectives outlined in PDIC’s strategic directions.

PDIC, as liquidator of closed banks, conducts various asset-disposal initiatives such as biddings, auctions and negotiated sale.

Proceeds from the sale of closed banks’ properties are used to increase the chances of recovery of uninsured depositors and creditors of their trapped funds while gains from the sale of corporate assets are added to the Deposit Insurance Fund (DIF).

The DIF is PDIC’s main fund source for payment of valid deposit insurance claims.

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