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testPDIC sold assets for P72.07-M at Housing Fair of HUDCC

The Philippine Deposit Insurance Corporation accepted offers to buy four properties resulting to a sale amounting to P72.07 million during the recently-concluded 8th Housing Fair organized by the Housing and Urban Development Coordinating Council (HUDCC) and held at the SM Megamall, Mandaluyong City last October 25 to 27, 2013.

The assets included three residential properties located in the cities of Antipolo, Bacolod and Tacloban; and a commercial property measuring 2,011 sqm. situated along Taft Avenue in Pasay City. Three of the sold properties were owned by closed banks under PDIC liquidation. The Pasay City property is a PDIC-owned asset.

The Corporation’s Real and Other Properties Acquired (ROPA) Disposal Committee approved the offers to buy last October 29, 2013 on installment basis up to seven years, at 6% interest rate. PDIC offered up to 20% discount from the minimum disposal price for offers to buy in cash and 10% discount for installment purchases.

The PDIC reported that a total of 67 potential buyers registered during the three-day Housing Fair.

The PDIC offers for sale properties through public biddings, negotiated sale, and housing fairs. Interested buyers are invited to access and use the PDIC’s Property Finder located in the PDIC website, to access information on the various properties and assets being offered for negotiated sale.

The participation in housing fairs, along with the regular conduct of public biddings and the provision of the Property Finder, 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.

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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.

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PDIC is a government instrumentality created in
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