P28.8 million worth of properties successfully bidded out. The Philippine Deposit Insurance Corporation (PDIC) successfully sold 14 properties during its recent public bidding, raising P28.8 million for the Corporation and for various closed banks. In photo are members of the bidding committee (L-R): Atty. Nancy Sevilla-Samson (Vice President, Receivership and Bank Management Group); Vice Chairperson and General Counsel Romeo M. Mendoza, Jr.; Co-chairperson Cristina Q. Orbeta (Executive VP, Receivership and Liquidation Sector); Atty. Ma. Antonette B. Bolivar (VP, Litigation and Investigation Group); VP Teresita D. Gonzales (Loans Management Group); and Teresa H. Garcia (Officer-in-Charge, RL Support Group).

The Philippine Deposit Insurance Corporation (PDIC) sold a total of 14 real properties amounting to P28.8 million during its second public bidding for 2013 held recently at the PDIC office in Makati City.

The P28.8 million bid received from these properties represented a premium of 10% or about P2.6 million over the total minimum disposal price of the assets sold.

The real properties consisted of commercial and residential lots located in Metro Manila, CALABARZON and Masbate. Out of the 14 properties sold, six are located in Laguna, three in Quezon, two in Manila and one each in Cavite, Batangas and Masbate. Unsold properties from the public bidding will be disposed via negotiated sale.

The regular conduct of public bidding is in line with PDIC’s mandate as Liquidator of closed banks. The PDIC disposes assets of closed banks initially through public bidding. Proceeds of sale are added to funds held in trust for these banks to help settle claims of creditors and uninsured depositors, in accordance with the rules on concurrence and preference of credits.

Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, the Corporation’s main funding source for deposit insurance payments.

PDIC is inviting interested buyers to submit offers to buy assets not sold during the bidding. Interested buyers are encouraged to regularly check the PDIC website, www.pdic.gov.ph, for updates on properties up for bidding or for negotiated sale. To assist buyers, the Corporation has put up a Property Finder in its website where buyers may view available inventory of assets for disposal. Prospective buyers may also call the Asset Management and Disposal Group (02) 841-4650 for inquiries on assets for sale.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.