The Philippine Deposit Insurance Corp. (PDIC) will accept bids for 45 residential and commercial lots located in various provinces of Luzon and Visayas on its e-bidding portal at https://assetsforsale.pdic.
To be sold on an “as-is, where-is” basis and with a total minimum disposal price of P121.2 million, these properties are owned by PDIC or closed banks under liquidation by PDIC and located in Metro Manila, Bulacan, Cavite, Iloilo, Laguna, Leyte, Marinduque, Nueva Ecija, Occidental Mindoro, Pangasinan, Quezon, and Rizal.
These include 28 residential lots, 12 residential lots with improvements, three commercial lots with improvements, and two subdivision/residential lots. Property sizes range from 25 to 27,398 square meters with minimum disposal prices between P25,000 and P54.8 million.
For interested buyers, a one-time registration on the PDIC e-bidding portal at http://assetsforsale.pdic.gov.
The complete list and description of the properties, requirements, e-bidding process, and Conditions of Bid are posted on the same portal. Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.
For participants bidding on behalf of another individual or an organization, a Pro-forma Special Power of Attorney and Secretary’s Certificate, respectively, can likewise be downloaded from the e-bidding portal.
As the statutory receiver, the PDIC sells closed bank-owned assets through public bidding and negotiated sales. 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. Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.