PDIC to sell closed banks’ assets
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Mon, 17 Feb 2020 16:31:18 +0000
THE Philippine Deposit Insurance Corp. (PDIC) is set to sell corporate and closed banks’ assets with a combined value of P61.5 million on March 19.
In a statement on Monday, the state-run deposit insurer said those for up bidding are 35 residential lots, 13 residential lots with improvement, two motor vehicles and a generator set.
The assets are located in Metro Manila, Aurora, Bataan, Batangas, Bulacan, Iloilo, Laguna, Nueva Ecija, Pangasinan, Quezon, Tarlac and Zambales.
“Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits,” the PDIC said.
It added that the disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.
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 will auction off the assets “as-is, where-is” in its training room on the ninth floor of the SSS Building, 6782 Ayala Ave. corner V.A. Rufino St., Makati City.
Sealed bids shall be accepted by PDIC Real and Other Properties Acquired Disposal Committee from direct buyers only between 9 a.m. and 1:45 p.m. at the venue, and will be opened at 2 p.m.
A bond or deposit equivalent to at least 10 percent of the submitted bid, in cash or manager’s check, or a combination of both, should accompany each bid.
Last year, PDIC raised a total of P277 million from selling the assets of closed banks in public biddings, 46-percent higher compared to the total 383 properties sold in 2018.