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Manila Bulletin devider Business devider Banking & Finance devider PDIC to bid out P271-M lots next month

PDIC to bid out P271-M lots next month

Published Sep 26, 2023 08:26 am

The Philippine Deposit Insurance Corp. (PDIC) will conduct a public e-bidding for P270.6 million worth of commercial and residential properties on Oct. 25 to 26.

PDIC is the Bangko Sentral ng Pilipinas’ “statutory receiver”. As such, the PDIC sells closed banks' assets through public bidding and negotiated sales. As a receiver, the deposit insurer is mandated to "gather and preserve" the assets and liabilities of a closed bank.

PDIC said Tuesday, Sept. 26, that they will sell 253 vacant residential lots, 12 residential lots with improvements, six mixed commercial/residential lots with improvements, two commercial lots with improvements, one vacant industrial lot, and a residential condominium unit.

All of these properties will be sold on an “as-is, where-is” basis. Property sizes range from 44 square meters to 8,566 square meters, with minimum disposal prices ranging from P237,500 to P61.7 million, said PDIC.

Majority of the properties for sale are located in Quezon province, while others are in Metro Manila, Batangas, Bulacan, Cavite, Iloilo, Laguna, Lanao del Norte, Negros Occidental, Pangasinan, Romblon, and South Cotabato.

“Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire,” PDIC said in a statement.

When closed banks' properties are liquidated, the proceeds are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors based on legal priority, said PDIC. “The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds in the closed banks,” it added.

As for the sale of corporate assets, the proceeds go to PDIC’s Deposit Insurance Fund (DIF).

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

For the first six months of 2023, PDIC has disposed of some P172 million worth of closed bank assets. This came from selling 124 corporate and closed bank assets.

Since the pandemic, PDIC has shifted to e-bidding of corporate and closed bank assets through its portal, https://assetsforsale.pdic.gov.ph/, which it assures “provides a safe and convenient platform for interested buyers.”

“Through a one-time registration in the e-bidding portal, buyers can access and bid for real and other properties from the extensive asset inventory of the PDIC and closed banks,” it said.

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