Insurance firm auctions P28.5M assets of closed banks

THE Philippine Deposit Insurance Corp. (PDIC) recently sold nine properties of closed banks through public bidding for a total amount of P28.5 million.Friday, September 23, 2011

These properties consisted of six residential and three commercial properties.

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During the public bidding, PDIC offered 54 properties of 15 closed banks for sale, with total estimated value of P92.2 million.

The properties are composed of 50 residential, commercial and subdivision lots valued at P91.1 million and four vehicles with a total estimated value of P1.1 million.

PDIC will also accept offers to buy the remaining properties under negotiated sale basis and will evaluate these in line with government-prescribed guidelines.

The firm will also auction its acquired assets with estimated total value of P266.8 million, composing of 59 residential, eight mixed use and two industrial/agricultural properties on October 25, 2011.

The auction will be held at the PDIC Training Room, 9/F SSS Building, Ayala Avenue, Makati City.

PDIC announced that it is also showcasing various assets for disposal, as an exhibitor, during the 6th Housing Fair organized by the Housing and Urban Development Coordinating Council (HUDCC) from September 30 to October 2, at the SM Mega Trade Hall 1 in Mandaluyong City.

Interested parties may likewise coordinate with the PDIC-Asset Disposal and Administrative Department (Adad) at email address cbropa@pdic.gov.ph or at telephone number 841-4730.

The list of assets for negotiated sale, together with their descriptions, can be requested from Adad and may also be accessed at the PDIC website, www.pdic.gov.ph.

PDIC, as liquidator of closed banks, is tasked to dispose of the closed banks' assets to settle claims of the closed banks' creditors. (PR)

Published in the Sun.Star Davao newspaper on September 24, 2011.