PDIC set to bid P63.9-M properties in Mindanao

THE GOVERNMENT-run Philippine Deposit Insurance Corp. (PDIC) is set to bid on February 27 the P63.9 million worth of properties in Mindanao that were owned by closed banks.

In a statement of PDIC, the public bidding, which will be held at Bangko Sentral ng Pilipinas, pertained to the sale of 104 properties owned by different banks that were already closed.

These properties are in Agusan del Norte, Agusan del Sur, Bukidnon, Compostela Valley, Davao del Sur, Lanao del Norte, Misamis Oriental, North Cotabato, South Cotabato, Sultan Kudarat and Surigao del Norte.

“Bids will be opened starting at 2 pm. Each bid should be accompanied by a bond/deposit equivalent to at least 10% of the submitted bid, in cash or manager’s check, or a combination thereof,” PDIC said.

The bidders have to bring identification documents.

The public bidding in the city will be the third bidding conducted by the government-owned corporation next month. The first two biddings will be Metro Manila on Feb. 15 and Feb. 19.

The bidding of the properties is among the directions of PDIC in its roadmap. The government-owned corporation, which served as liquidator of closed banks, is conducting asset disposal initiatives like biddings, auctions and negotiated sale.

“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,” PDIC said.

The gains from the sale of the assets are added to the deposit insurance fund of the government-owned corporation.

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