spot_img
27.7 C
Philippines
Friday, March 29, 2024

PDIC auctions P1.7-b assets

- Advertisement -

STATE-RUN Philippine Deposit Insurance Corp. will put on the auction block over a hundred assets with a total value of P1.7 billion on May 16, 2017, its biggest public bidding to date.

PDIC said in a statement Monday PDIC interested buyers may choose from residential and commercial properties, which include various condominium units with parking slots at Exportbank Plaza in Makati City, One McKinley Place in Taguig City, and Victoria Plaza in San Juan City. Also up for bidding are 10 parking slots at One McKinley Place.

Also included in the auction are vacant residential lots and commercial properties with improvements in Metro Manila and in the provinces of Albay, Bulacan, Camarines Norte, Camarines Sur, Cavite, Leyte, Nueva Ecija, Negros Oriental, Pangasinan, Quezon and Tarlac.

Two motor vehicles, a Hyundai Tucson and Nissan Pathfinder, are also offered in the bidding.

“The bidding will be on an “as-is, where-is” basis. Prospective buyers are also advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids,” PDIC said.

- Advertisement -

Interested buyers may submit their sealed bids to the PDIC Real & Other Properties Acquired (ROPA) Disposal Committee Secretariat at the 9th Floor PDIC Training Room, SSS Building, 6782 Ayala Avenue, corner V.A. Rufino St., Makati City on May 16, 2017, from 9:00 a.m. to 2:00 p.m

PDIC said the value-added tax corresponding to the bid price of PDIC-owned properties will be shouldered by and collected from the winning bidder in addition to the bid price in accordance with Bureau of Internal Revenue revenue regulations.

The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s roadmap. PDIC, as liquidator of closed banks, conducts various asset disposal initiatives such as biddings, auctions and negotiated sale.

Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits.

The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds. 

Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims

- Advertisement -

LATEST NEWS

Popular Articles