The Philippine Deposit Insurance Corporation (PDIC) raised a total
of P35.8 million from the public bidding of corporate and closed banks’ assets
last week, the third public bidding conducted for the year.
The
assets sold comprised of five closed banks’ properties and one corporate
property, the collective bid offer of which generated a premium of P5.8 million
against the minimum disposal price of P30.0 million. The PDIC bidded out a
total of 91 real properties last week for a combined minimum disposal price of
P46.73 million.
The
real properties sold were located in the cities of Makati, Mandaluyong and
Taguig and in the provinces of Isabela, Ilocos Sur and Pangasinan. Unsold
properties from the public bidding will be offered for negotiated sale.
The
PDIC conducts regular public biddings in accordance with its strategic
direction to expeditiously dispose non-financial assets. Creditors of closed
banks benefit from these public biddings because the proceeds from the sale of
closed banks’ assets are added to funds held in trust for the closed banks and
are used to help settle claims of uninsured depositors and creditors. Payment
to these parties is subject to the rules on concurrence and preference of
credits. Meanwhile, proceeds from the sale of corporate assets are added to the
Deposit Insurance Fund, the PDIC’s funding source for deposit insurance
payments and grant of financial assistance to banks.
Interested
buyers who were not able to participate during the public biddings may still
avail of the assets for sale posted in the PDIC website, www.pdic.gov.ph, via negotiated sale. PDIC’s Property Finder in its
website provides information on 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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