PDIC set to sell 690 closed banks' assets-A A +A
Friday, October 25, 2013
THE Philippine Deposit Insurance Corp. (PDIC) has 690 properties up for negotiated sale at the 8th Housing Fair organized by the Housing and Urban Development Coordinating Council (HUDCC).
The fair started yesterday and will be concluded tomorrow at SM Megamall, Mandaluyong City.
The properties are owned by various closed banks and are located nationwide.
The PDIC said that it is selling the assets on cash and installment basis at discounted interest rates of up to 20 percent of the minimum disposal price on cash basis, and up to 10% of the minimum disposal price on installment basis.
Inquiries on the assets for sale may be addressed to Ferdinand M. Beluan who will head the PDIC exhibit booth at the SM Megatrade Hall.
Information on the properties for sale may be accessed through the Property Finder on the PDIC website, www.pdic.gov.ph.
The participation in housing fairs is in line with the PDIC's strategic direction to expeditiously dispose non-financial assets, as outlined in its medium-term Roadmap to 2016.
As liquidator of closed banks, PDIC disposes assets acquired from closed banks to benefit the uninsured depositors and creditors by way of helping enhance recovery of their deposits and investments.
Published in the Sun.Star Davao newspaper on October 26, 2013.