Davao auction yields P93M

Subscribe Now March 05, 2015 at 09:12am

Government earned some P93 million following the auction of corporate and closed banks' properties last Feb. 26, the Philippine Deposit Insurance Corp. said.

The PDIC said the public auction was held at the Landco-PDCP Condominium Building at Pryce Business Park in Davao City.

"Proceeds from the sale of corporate properties amounted to P90.0 million which will be added to the Deposit Insurance Fund, PDIC’s main fund source for payment of insured deposits. Meanwhile, proceeds from the sale of closed banks’ assets, which amounted to P3 million, will automatically be credited to the funds held in trust for the closed banks concerned and will be used to settle claims of creditors and uninsured depositors," it said.

It added the sale involved 42 out of 100 properties up for auction, and yielded a premium of P2.6 million against the aggregate minimum disposal price of P90.4 million.

The properties sold were located in Camiguin, Davao del Norte, Davao del Sur, Misamis Oriental and South Cotabato.

Of the sold properties, 15 were owned by closed banks, while 27 were corporate assets.

Meanwhile, the PDIC is to hold a public auction of transportation equipment and three generator sets owned by closed banks on March 5, Thursday.

It said the auction will be held at the PDIC Training Room in Makati City from 2 to 5 p.m.

PDIC conducts asset disposal as a liquidator of closed banks. Properties not sold during the bidding are available for negotiated sale or may be bid out again.

Source: gmanetwork.com

« Councilor wants fish trading center for Davao Davao Fun Sale involves all tourism stakeholders »