Money

PDIC eyes P185M from GSIS Family Bank assets

The insurer is free to proceed with the asset sale after this bank closure.

The insurer is free to proceed with the asset sale after this bank closure.

Two years after the government shut down the GSIS Family Bank, the Philippine Deposit Insurance Corporation (PDIC) is finally proceeding with the auction of the bank’s remaining assets.

This is to pay off outstanding deposits to account holders.

In a statement, PDIC said 768 assets to the thrift bank’s name will be auctioned off on Oct. 4, with the authorities eyeing to raise at least P184.9 million.

“Up for bidding are 749 residential lots and 19 residential lots with improvements located in Metro Manila, Bataan, Bulacan, Cavite, Marinduque, Nueva Ecija and Tarlac,” PDIC said as it clarified that all items will be sold “as-is, where is.”

“Bidders are advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.”

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