Benguet : PDIC sets asset auction

State-run Philippine Deposit Insurance Corp. (PDIC) is set to dispose several assets of foreclosed banks worth P128.

9 million through a public bidding this week. PDIC's Real and Other Properties Acquired (ROPA) Disposal Committee, is set to sell on an "as-is, where-is" basis 224 assets owned by closed banks on June 30.

Up for bidding are real properties located in Batangas, Benguet, Bulacan, Cagayan, Camarines Sur, Cebu, Ilocos Sur, Iloilo, Isabela, Laguna, Metro Manila, Negros Oriental, Nueva Ecija, Palawan, Pangasinan, Rizal, Tarlac, and Zambales. Bidders are advised to bring proper identification document with photo and to register at least one hour prior to the deadline for submission of bids.

Bid documents such as Bid Forms, Conditions of Bid, and standard format of the Special Power of Attorney and Secretary's Certificate may be downloaded free of charge from the PDIC website, www.pdic.

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Prospective buyers are also advised to physically inspect the properties they are interested in, examine and verify the titles and other documents, and determine any unpaid taxes, fees and/or expenses before submitting their bids. element-invisibleBusiness ( Article MRec ), pagematch: 1, sectionmatch: 1 Each bid should be accompanied by a bond/deposit equivalent to at least 10 percent of the submitted bid, in cash or Manager's or Cashier's Check, or a combination thereof.

Last month, PDIC auctioned 95 foreclosed assets worth P135 million. These included a generator, three motor vehicles as well as 91 real properties located in Albay, Bataan, Benguet, Bulacan, Cagayan, Camarines Sur, Cavite, Ilocos Sur, Isabela, Laguna, La Union, Metro Manila, Misamis Oriental, Nueva Ecija, Pangasinan, Quezon, Surigao del Norte, and Zambales.

The expeditious conversion and resolution of assets are among the objectives outlined in PDIC's strategic directions. 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 used to increase the chances of recovery of uninsured depositors and creditors of their trapped funds while gains from the sale of corporate assets are added to the Deposit Insurance Fund (DIF).

Source: .4-traders