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MANILA - The Philippine Deposit Insurance Corp (PDIC) will auction off 84 pieces of foreclosed real estate assets on February 5.
In a statement, the state deposit insurer said the various pieces of real estate consist of commercial and residential lots valued at a combined P44.1 million. They are located in Western Visayas (Aklan, Antique, Iloilo and Negros Occidental), Central Visayas (Bohol, Cebu, Negros Oriental), and in Camiguin.
The auction, which will be PDIC's first for the year, will be held in Bacolod City.
The sale will be done on an "as-is, where-is" basis, meaning the buyer will acquire the property in its present location and condition, with whatever defects it may have.
Proceeds from auctions done by PDIC go to the Deposit Insurance Fund, which the agency uses to settle insurance claims of shuttered banks' depositors. Last year, PDIC raised P128.57 million from the sale of acquired properties.
PDIC assets not disposed through public auctions are liquidated through negotiated sales.
PDIC's bidding schedule is announced on their website and in the newspapers.
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