PDIC’s sale of closed bank’s assets benefits 905 families in Laguna

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The Philippine Deposit Insurance Corporation (PDIC), Liquidator of the closed Fortune Savings and Loan Association, Inc. (FSLAI), signed on June 14, 2013 a Memorandum of Agreement (MOA) with the Innovation Ville Homeowners Association (IVHA) for the sale of two properties in Sta. Rosa, Laguna.

The real estate properties with a combined area of 68,212 sqms. shall be sold to IVHA for P54 million through the community mortgage program (CMP) of the Social Housing Finance Corporation (SHFC), a subsidiary of the National Home Mortgage Finance Corporation (NHMFC). The project is expected to benefit around 905 families.

Discussions on the sale of the property started in November 2008 when IVHA first expressed interest to purchase the properties. IVHA organized the families and coordinated compliance with conditions of the SHFC and PDIC for the sale. The first tranche of the downpayment in the amount of P1 million generated from the savings of the residents was paid by IVHA in January 2012.

The community mortgage program is a government housing program that aims to help improve the living conditions of homeless and underprivileged Filipinos by providing them funds to purchase their own homes or land under the concept of community ownership. PDIC’s partnership with SHFC and NHMFC through the community mortgage program has enabled PDIC to liquidate closed banks’ assets.

PDIC Executive Vice President Cristina Q. Orbeta (Receivership and Liquidation Sector) and the Presidents of Phases 1 to 6 namely, Antonio C. Beringuel (Phase 1), Marlon S. Diongco (Phase 2) and Antonio D. Janolan (Phase 3), Marites U. Dagos (Phase 4), Marianito T. Lantajo (Phase 5) and Artemio A. RIcarde (Phase 6) representing IVHA signed the MOA in the presence of Sta. Rosa City Mayor Arlene Arcillas.

FSLAI is an eight-unit bank ordered closed by the Monetary Board on May 24, 1999. As Statutory Liquidator, the PDIC is tasked to liquidate the assets of FSLAI so that the proceeds may be used to settle claims of the uninsured depositors and creditors. The expeditious liquidation of closed banks’ assets is part of the PDIC’s medium-term strategic Roadmap to 2016.