P124 million memorial lots up for auction

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P124 million worth of memorial lots acquired from the government.

The PDIC will accept bids via its e-bidding portal on Jan. 24 for some 2,589 memorial lots at Pryce Garden in Iligan City, Lanao del Norte.

Lot sizes of the properties are between 2.4 square meters and 38.4 sqm.

Rates for the properties start at a minimum disposal price of P45,600 to as much as P810,720.

The properties were acquired from banks granted financial assistance by the PDIC pursuant to its mandate under the law.

As the mandated liquidator, the PDIC sells closed bank-owned assets through public biddings and negotiated sales.

Proceeds of such transactions are added to the pool of liquid assets of the banks for distribution to uninsured depositors and other creditors subject to 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 in the closed banks.

Meanwhile, proceeds 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.

PDIC reminded bidders of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they want to acquire.