The Philippine Deposit Insurance Corporation (PDIC) was able to raise P9.53 million from the successful sale of 20 properties during its public bidding conducted on November 25, 2013 held at the Session Hall of the Sangguniang Panlunsod in General Santos City.

The properties sold were owned by closed banks that have been placed under receivership of the PDIC. Collectively, these had a minimum disposal price of P7.08 million and generated a premium amounting to P2.45 million.

A total of 175 properties were bidded out on an “as-is, where-is” basis by the PDIC in General Santos City, with combined minimum disposal price valued at P38.97 million. These consisted of commercial and residential lots located in various provinces of Mindanao.

The recently-concluded bidding was the fifth to be conducted this year by the PDIC. The regular conduct of public biddings for closed banks’ assets is in support of the PDIC’s mandate as Receiver and Liquidator of closed banks. The initiative to expeditiously dispose non-financial assets is included in the PDIC’s Roadmap to 2016.

Proceeds from the public biddings involving properties of closed banks are automatically added to the funds held in trust for the closed banks and are used to settle claims of creditors and uninsured depositors. In accordance with the law, payment to these parties is subject to the rules on concurrence and preference of credits.

Unsold properties during public biddings are made available through negotiated sale. Interested buyers are encouraged to visit the PDIC website at www.pdic.gov.ph and use the PDIC’s Property Finder for information on available inventory of assets for sale. Prospective buyers may also call Mr. Ferdinand Beluan, Department Manager III of the Asset Management and Disposal Department II at (02) 841-4770 for inquiries on available assets.