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June 23, 2024

PDIC disposing Palawan properties of closed banks

State-run Philippine Deposit Insurance Corp, (PDIC) is disposing 80 properties owned by various closed banks and located in various municipalities of Palawan.

The properties comprising of seven agricultural lots in Narra Palawan, particularly in Malatgao, Princess Urduja, Brgy. Taritien, Brgy. Estrella Village, Brgy. Bato-Bato and Brgy. Burirao were sold individually on an “as-is, where-is” basis through an electronic public bidding last Friday.

The aggregate minimum disposal price of foreclosed assets of the shuttered banks was pegged at P10.1 million.

Meanwhile, 73 properties located in Palawan were made available via negotiated sale. These properties include 55 agricultural lots, 15 residential lots, two commercial lots with improvement and one residential lot with improvement.

These properties are located in Aborlan, Bataraza, Brooke’s Point, Narra, Puerto Princesa City, Quezon and Sofronio Española.

As a liquidator, the PDIC disposes of various closed bank assets through public biddings and negotiated sales.

The proceeds from the liquidation of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors subject to 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 in the closed banks.