The Philippine Deposit Insurance Corporation (PDIC) is offering for negotiated sale a total of 310 properties at the 9th Housing Fair organized by the Housing and Urban Development Coordinating Council (HUDCC) on October 24 to 26, 2014 at SM Megamall, Mandaluyong City. These properties have a combined minimum disposal price of P145.41 million.
Up for sale are corporate assets as well as properties owned by various closed banks. These include residential, commercial and industrial properties located in the National Capital Region particularly in the cities of Caloocan and Pasay, and in various cities and municipalities in Ilocos Norte, Pangasinan, Bulacan, Nueva Ecija, Pampanga, Tarlac, Batangas, Cavite, Laguna, Mindoro Occidental, Mindoro Oriental, Quezon, Rizal, Romblon, Albay, Camarines Sur, Sorsogon, Aklan, Iloilo, Negros Occidental, Bohol, Cebu and Negros Oriental.
The PDIC said that it is selling the assets on cash and installment basis at discounted interest rates of up to 20% of the minimum disposal price on cash basis, and up to 10% of the minimum disposal price on installment basis.
Inquiries on the assets for sale may be addressed to the Asset Management and Disposal Group that will man the PDIC exhibit booth at the Fair. Information on the properties for sale may also be accessed through the Property Finder in the PDIC website, www.pdic.gov.ph.
The participation in housing fairs is in line with the PDIC’s strategic direction to expeditiously dispose of non-financial assets, as outlined in its medium-term Roadmap to 2019. 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. Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of insured deposits.
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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.
PDIC news/press releases and other information are available at the website, HYPERLINK “http://www.pdic.gov.ph” www.pdic.gov.ph.
