Philippines: PDIC Auctions 86 Commercial and Residential Properties



PDICState deposit insurer Philippine Deposit Insurance Corp. (PDIC) is set to auction all assets of Visayas-based banks that have been ordered closed by THE PHILIPPINE Deposit Insurance Corp. (PDIC) will auction next week the assets of Visayas-based banks ordered closed by the Bangko Sentral ng Pilipinas. The auction involving the portfolios of said banks, placed under the Bangko Sentraal’s receivership, is scheduled for next week  at the Governor’s Conference Hall of the Provincial Capitol Hall in Bacolod City.

PDIC stated 84 commercial and residential properties with a combined minimum disposal value of P44.41 million will be auctioned on February 5th. The foreclosed properties are located in various areas: Negros Occidental, Aklan, Antique, Bohol, Camiguin, Cabu, Iloilo and Negros Occidental.

PDIC will only receive “sealed bids only from direct buyers on Feb. 5 from 9:00 a.m. to 2:00 p.m.” Extensions on the deadline won’t be made for any reasons. All interested buyers are advised to inspect, asses and verify land titles for the properties they are interested in buying to determine possible unpaid taxes, fees or expenses.

“All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid either in cash or manager’s check or cashier’s check. The winning bidder is required to pay the balance of the bid price not later than Feb. 14,” PDIC said.

The auction documentation and requirements are available for download on PDIC’s website.In 2013 PDIC has auctioned 86 properties and 72 assets from closed banks, raising P128.57 million (approximately $3 million). PDIC will continue to dispose of properties from banks placed under its receivership by the Monetary Board by 2016.  Proceeds from auction sales are added to PDIC’s deposit insurance fund, which is used for payouts of deposit insurance claims.