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Closed banks' assets for public bidding
By J.Lo
SOME P137.5 million worth of commercial and residential lots owned by padlocked banks will put up for sale by Philippine Deposit Insurance Corp. (PDIC)
On July 26, PDIC is set to hold public electronic bidding, offering 59 residential and commercial lots nationwide. These include 56 residential lots, 32 of which have improvements, two commercial lots with improvements, and one mixed residential and commercial lot with improvements.
Lot sizes of properties are between 105 square meters and 4,200 sqm.
Rates for properties start at minimum disposal price of P180,000 to as much as P21 million.
Lots are located in Metro Manila, Agusan del Norte, Antique, Bataan, Batangas, Benguet, Bulacan, Camarines Sur, Cavite, and Maguindanao.
Other lots can also be found in Negros Occidental, Negros Oriental, Nueva Ecija, Occidental Mindoro, Palawan, Pangasinan, Romblon, South Cotabato, Sultan Kudarat and Tarlac.
Properties are owned by closed banks under liquidation by PDIC.
As mandated liquidator, PDIC sells closed bank-owned assets through public biddings and negotiated sales.
Proceeds of such transactions are added to pool of liquid assets of banks for distribution to uninsured depositors and other creditors subject to rules on concurrence and preference of credits.
Disposal of these assets increases chances of recovery of uninsured depositors and creditors of their trapped funds in closed banks.
Meanwhile, proceeds from sale of corporate assets are added to Deposit Insurance Fund, PDIC's main fund source for payment of valid deposit insurance claims.
PDIC reminded bidders of their responsibility to determine actual condition, status, ownership, and other circumstances of properties they want to acquire.
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