PDIC to bid out foreclosed assets Dec. 19

Seven condominium units, three commercial lots, 17 residences and five motor vehicles are among the P28.35 million worth of foreclosed banks’ assets the Philippine Deposit Insurance Corp. (PDIC) will bid out on Dec. 19.   The biggest item up for bids is the P11.43 million, 1,633 sqm residential lot in Taytay, Rizal of the defunct Rural Bank of Taytay (Rizal) Inc.   Also among the bigger items in the auction is the 600 sqm lot where the closed Dynamic Bank or Rural Bank of Calatagan, Batangas Inc. used to do business. Its estimated worth is P1.79 million   The next biggest lot is the 219-square meter former premises of the now-defunct  Rural Bank of Lagonoy in Camarines Sur, worth about P917,470.   Another lot for auction is a 106.8 sqm residential lot worth P1.36 million of the closed Rural Bank of Pitago (Quezon) Inc. in Malate, Manila.   The PDIC is also bidding out five vehicles consisting of a Toyota Hi Ace van, a Hyundai Starex van, and three Hyundai Getz cars valued at P1.86 million.   “Before submitting their bids, prospective buyers are advised to physically inspect the properties, assess and verify the land titles and other related documents, and determine unpaid taxes, fees or expenses,” the PDIC said.   “All bids must be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid,” the PDIC also said.   The PDIC will use the proceeds from the auction will be to boost its buffer fund for the payment of deposit insurance claims. — ELR/VS, GMA News