PDIC to auction P32.87M worth of foreclosed assets

The Philippine Deposit Insurance Corporation (PDIC) is set to auction off three foreclosed properties located in Cebu, which is among the P32.87 million worth of assets up for bidding in a public auction slated in Cebu next week.

These PDIC-managed properties are previously owned by banks that have closed or have declared bankruptcy in the last few years, said PDIC vice president for corporate affairs Jose Villaret, Jr.

The auction will be held on December 8, 2017 at the regional office of the Bangko Sentral ng Pilipinas in Osmeña Boulevard this City from 9AM to 2PM.

The properties up for disposal also include agricultural, commercial and residential lots located in Abra, Aklan, Antique, Bohol, Capiz, Guimaras, Iloilo, Leyte, Negros Occidental, Negros Oriental, Southern Leyte, and Surigao del Sur.

In a press conference, Villaret said the Cebu properties are two residential lots and one commercial lot — with a total minimum disposal price of P14.35 million.

To be bidded out on an “as-is, where-is” basis, these properties in Cebu are Lot 3490, interior old PNR in Barangay Cogon, Pardo Cebu City (1,136 sq.m) with a minimum bid of P1.136 million; Lot 1663part, Barangay Pulpogan, Consolacion (1,050 sq.m) with a minimum bid of P4,246,000; and Lot 2638 MC Briones Highway, corner Hernan Cortes streets, Barangay Subangdaku, Mandaue City (235 sq.m) with a minimum bid price of P8,969,000.

These foreclosed properties were owned by defunct banks — Rural Bank of Subangdaku, Philippine Countryside Rural Bank in Cebu (under the Legacy Group), and Rural Bank of Dalaguete.

Sealed bids shall be accepted by the PDIC real and other properties acquired (Ropa) committee from direct buyers only.

Proceeds of the sale shall be added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors.

This means that those depositors who were affected (or un-insured) by the closure may expect to recover their trapped funds.

But, Villaret reminded that priorities of payment will follow accordingly based on the law, such as unpaid taxes, documentary fees, unpaid wages, among others.

PDIC said prospective buyers are advised to physically inspect the properties they are interested to buy, as well as examine and verify the titles and other evidence of ownership.

The state-run agency also urged potential buyers to determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.