PDIC to bid out assets in Iloilo

State-run Philippine Deposit Insurance Corp. (PDIC) hopes to raise P68 million through a public bidding of foreclosed assets of shuttered banks in Iloilo City later this month.

PDIC said its real and other properties acquired (ROPA) disposal committee would auction 43 assets consisting of 21 residential lots, 19 residential lots with improvement, two commercial lots with improvement, and one mixed-use industrial/residential lot.

The deposit insurer said the properties are located in Bohol, Cebu, Iloilo and Negros Occidental.

Some of the prime properties included in the bidding are one commercial lot with improvement in Iloilo City with minimum disposal price of P22 million and a residential lot with improvement in Concepcion, Iloilo worth P3 million.

Others include four residential lots in Bacolod City with prices ranging from P1.1 million to P2.9 million.

The public bidding on an “as-is, where is” basis is scheduled on Aug. 30 at the Bangko Sentral ng Pilipinas - Iloilo branch.

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

The winning bidder should pay the balance of the bid or purchase price in full within 15 calendar days from the receipt of the certificate of award or not later than Sept. 14.

PDIC advised bidders to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/ or expenses before submitting their bids.

The expeditious conversion and resolution of is among the strategic directions outlined in PDIC’s roadmap.

PDIC, as receiver of closed banks, holds various asset disposal initiatives such as biddings, auctions and negotiated sale.

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 disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.