PDIC to bid out closed bank’s assets

MANILA, Philippines - The Philippine Deposit Insurance Corp. will be bidding out more than P200-million worth of closed banks’ assets later this month.

In a statement, the state deposit insurer said various assets with a minimum disposal value of P254 million will be auctioned off during separate sessions in the province of Davao del Sur and in Makati City.

There will be 115 properties made up of condominium units, parking slots, and other real properties that will be made available to the public on Feb. 26 during the auction at Landco-PDCP Condominium Building in Pryce Business Park, JP Laurel Davao City, Davao del Sur.

The PDIC said these properties are located in Davao del Sur, Davao del Norte, Cagayan de Oro City, Compostella Valley, General Santos City, and Camiguin.

Meanwhile, another auction will be held on March 5 at the PDIC office at the SSS building along Ayala Ave. in Makati City.

The PDIC said there will be 12 transportation equipment and three generator sets up for grabs during the Makati auction.

“Regular conduct of public biddings and auctions are undertaken to expeditiously dispose of non-financial assets, one of the strategic directions outlined in the PDIC’s Roadmap,” PDIC said.

“As Liquidator of closed banks, the PDIC disposes of assets acquired from closed banks and proceeds from these are maintained in funds-held-in-trust for closed banks and are used to enhance the recovery of uninsured depositors and creditors,” it said.

Interested bidders may visit the PDIC website (www.pdic.gov.ph) or get in touch with the state deposit insurer’s Asset Management and Disposal Group for information on the assets that will be available during the Davao and Makati auctions.

The PDIC said interested bidders should bring proper identification during the auctions and arrive at least an hour before the opening of bids for registration and submission of bid requirements. All bid documents may be downloaded free of charge from the PDIC website.

The agency added bidders are required to also submit a participation fee of P25,000 either in cash or manager’s check, which will be returned to non-winning bidders at the end of the auction.