PDIC to sell real estate at discount

Close to 700 residential and commercial lots will be put up for sale this weekend as the Philippine Deposit Insurance Corp. (PDIC) disposes of assets once held by banks closed due to insolvency.

In a statement on Friday, the PDIC said the properties being sold were owned by various closed banks and are located around the country, including parts of Metro Manila.

A total of 690 properties will be up for negotiated sale and will be offered at the 9th housing fair held by the state-run Housing and Urban Development Coordinating Council (HUDCC) on Oct. 25 to 27 at SM Megamall in Mandaluyong City.

The properties would be sold on cash and installment basis at discounted interest rates of up to 20 percent of the minimum disposal price on cash basis, and up to 10 percent of the minimum disposal price on installment basis.

“The participation in housing fairs is in line with the PDIC’s strategic direction to expeditiously dispose of nonfinancial assets, as outlined in its medium-term Roadmap to 2016,” the PDIC said.

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. Deposits in banks shuttered by the PDIC are only insured up to P500,000 per account.

Next month, the PDIC said it would also start the public bidding of 152 properties and six bank branches once owned by banks in the Bicol region. The PDIC said it expects to raise at least P90 million from the sale of the Bicol properties.

The public bidding will be held at the Bangko Sentral ng Pilipinas’ (BSP)  regional branch in Legaspi City on Nov. 19.

The properties are located in the various cities and provinces of the Bicol Region including Albay, Camarines Norte, Camarines Sur and Sorsogon.

Under the “as-is, where-is basis” bidding,  prospective buyers are advised to physically inspect the properties they are interested to buy, assess and verify the land titles and other documents, and determine unpaid taxes, fees or expenses before submitting their bids.