RESIDENTIAL LOTS owned by the closed thrift bank of Government Service Insurance System (GSIS) worth P184.9 million will be disposed by the Philippine Deposit Insurance Corp. (PDIC) through a public bidding.
In a statement on Tuesday, PDIC said the 768 assets formerly owned by GSIS Family Bank (A Thrift Bank) will be sold on an “as-is, where is” basis via public bidding on Oct. 4.
Up for bidding are 749 residential lots and another 19 lots with improvements located in Metro Manila, Bataan, Bulacan, Cavite, Marinduque, Nueva Ecija and Tarlac.
Each bid should be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid.
The winning bidder must pay the balance of the purchase price in full within 15 days from the receipt of the Certificate of Award or not later than Oct. 19.
PDIC advised bidders to physically inspect the properties they are interested to buy, verify the titles and determine any unpaid obligations.
“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,” PDIC was quoted as saying in the statement.
GSIS Family Bank was ordered closed by the Bangko Sentral ng Pilipinas’ policy-setting Monetary Board in May 2016.
GSIS failed multiple times to sell the lender, with the last attempt done five months after the bank’s closure, as not one of at least six prospective buyers took the next step to rehabilitate the lender.
GSIS Family Bank ran 22 branches located in Metro Manila, Laguna, Bulacan and Cavite, with total deposits of P974.81 million held across 14,507 bank accounts.
PDIC accepted deposit insurance claims from depositors of the shuttered bank with an estimated P748.8-million coverage until May 14 — KANV

RELATED ARTICLESMORE FROM AUTHOR