PROPERTIES with an aggregate minimum disposal price of P32.87 million will be bid out by the Philippine Deposit Insurance Corp. (PDIC) on Dec. 8.
Up for sale are 52 agricultural, commercial and residential lots and five motor vehicles located in 13 provinces.
Included in the list are three properties in Cebu—two residential lots and one commercial lot—with a total minimum disposal price of P14.35 million.
To be bid out on an “as-is, where-is” basis, these properties in Cebu are Lot 3490 in Barangay Cogon, Pardo Cebu City (1,136 sq.m) with a minimum bid of P1.136 million; Lot 1663-part in Barangay Pulpogan, Consolacion (1,050 sq.m) with a minimum bid of P 4.24 million; and Lot 2638 on MC Briones Highway, corner Hernan Cortes streets in Barangay Subangdaku, Mandaue City (235 sq.m) with a minimum bid price of P8.969 million.
These foreclosed properties were owned by closed banks—Rural Bank of Subangdaku, Philippine Countryside Rural Bank in Cebu (under the Legacy Group), and Rural Bank of Dalaguete.
The bidding will be held at the Bangko Sentral ng Pilipinas (BSP)-Cebu Regional Office. Sealed bids will be accepted by the PDIC real and other properties acquired (Ropa) committee from direct buyers only between 9 a.m. and 2 p.m. at the BSP-Cebu office.
PDIC said prospective buyers are advised to physically inspect the properties they are interested to buy, as well as examine and verify the titles and other evidence of ownership.
The state-run agency also urged potential buyers to determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.
According to Jose Villaret, Jr., vice president for corporate affairs, these properties they are bidding out were from the properties of closed banks that were placed under the receivership of PDIC.
Villaret said these foreclosed properties opens opportunities for Filipinos to own them at cheaper prices.
Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to the insured depositors and other creditors.
Moreover, the disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.
Gains from the sale of corporate assets are added to the deposit insurance fund, which is the agency’s main source for payment to valid deposit insurance claims.
Aside from properties in Cebu, PDIC will also be bidding out agricultural, commercial and residential lots located in Abra, Aklan, Antique, Bohol, Capiz, Guimaras, Iloilo, Leyte, Negros Occidental, Negros Oriental, Southern Leyte, and Surigao del Sur.
Established in 1963 the agency’s mandate is to provide depositor protection and help maintain stability in the financial system by providing deposit insurance.
Effective 2009, the maximum deposit insurance coverage is P500,000 per depositor.