PDIC bidding out P100-M bank assets

State-run Philippine Deposit Insurance Corp. (PDIC) is disposing close to P100 million worth of foreclosed assets consisting mostly of residential and commercial lots.

In a statement, PDIC said its Real and Other Properties Acquired (ROPA) Committee would bid out assets with an aggregate minimum disposal price of P93.3 million on an “as-is, where is” basis on Feb. 15.

Up for bidding are closed banks’ assets and acquired assets by PDIC comprising one agricultural lot, one mixed-use agricultural/residential lot, two commercial lots, 29 residential lots, 46 residential lots with improvements, 10 motor vehicles, two generator sets and a fishpond located in Malabon City.

These include a P10.8 million residential lot in Paranaque City and two properties in Quezon City with combined value of P8.7 million.

The properties are located in Metro Manila and in the provinces of Batangas, Bulacan, Cavite, Ilocos Sur, Laguna, Misamis Oriental, Nueva Ecija, Pampanga and Rizal.

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

PDIC, as liquidator 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.

Meanwhile, gains 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.