THE PHILIPPINE Deposit Insurance Corp. (PDIC) will bit out next week P1.7-billion worth of real estate properties, with proceeds to be used to pay deposit claims of uninsured bank accounts.

PDIC said in a statement on Friday that the properties to be sold via public bidding on Aug. 11 include over 80 condominium units in Metro Manila with a total minimum disposal price of P1.7 billion.

Some locations of these properties are the Exportbank Plaza in Makati City, One McKinley Place in Taguig City, and Victoria Plaza in San Juan City. Also up for bidding are 10 separate parking slots at One McKinley Place.

The bidding will be on an “as-is, where-is” basis. PDIC advised interested buyers to physically inspect the properties, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.

“Properties for bidding are under the name of the closed Export and Industry Bank and are listed in PDIC’s website,” PDIC said.

“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,” it added.

PDIC, as state deposit insurer, is mandated by law to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance.

The firm is usually designated as receiver of closed banks’ assets and affairs. PDIC disposes of properties through public biddings, negotiated sales and housing fairs. As the designated liquidator of closed banks, it conducts public biddings in accordance with its strategic direction of expeditious disposal of non-financial assets. — EJCT