PDIC to auction off land
THE Philippine Deposit Insurance Corp. (PDIC) will be auctioning off parcels of land from around Luzon cumulatively worth P105.6 million, with the proceeds to be used to settle claims to pay uninsured deposits.
The state-run insurer said that they will be hold a public bidding for 201 residential and commercial lots on Monday. The properties are located in Bataan, Benguet, Bulacan, La Union, Nueva Ecija, Pampanga, Pangasinan, Tarlac, and Zambales.
The list also includes two generator sets and two cars owned by rural banks previously ordered closed by the Bangko Sentral ng Pilipinas (BSP), which were eventually taken by the PDIC for liquidation.
Under the PDIC charter, the state insurer steps in as receiver of problem banks and acquires the lender’s assets in order to pay outstanding liabilities to depositors. All bank deposits are insured up to P500,000 per account, according to the law.
The most expensive property that will be placed on the auction block is a 180-square-meter commercial lot and building in Dagupan City priced P8.749 million.
Given the location of the properties, the PDIC decided to use the BSP’s branch in San Fernando City, Pampanga to receive offers from prospective buyers. Sealed bids will be accepted between 9 a.m. to 2 p.m. and must include their proposed price for a property as well as a deposit worth at least 10% of their submitted bid.
“Prospective buyers are advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids,” PDIC said in a statement, noting that the properties will be sold on an “as-is, where-is” basis.
Winning bidders must settle the full amounts by Sept. 13, or else the award will be cancelled.
The PDIC also staged a public bidding for eight condominium units with parking slots worth P69.5 million yesterday.
“The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds,” the state insurer added, noting that the proceeds of these auctions will be used to settle the amounts due for uninsured depositors as well as creditors of a closed bank.
The central bank has shut down six rural and thrift banks so far this year after they were found to be incapable of remaining in business. Last year, 22 lenders were ordered closed by the regulator. — Melissa Luz T. Lopez


