Manila: The Philippine Deposit Insurance Corporation (PDIC) is set to auction 76 corporate and closed bank properties through an electronic public bidding process. These properties, scheduled to be sold on an as-is-where-is basis from May 28 to 29, include a variety of lots such as 25 vacant agricultural lots, 24 vacant residential lots, 13 residential lots with improvements, six mixed residential or agricultural lots with improvements, four agricultural lots with improvements, two mixed vacant residential or agricultural lots, and two commercial lots with improvements.
According to Philippines News Agency, the properties range in size from 90 to 50,000 square meters and are situated across several provinces including Aklan, Albay, Bataan, Batangas, Bohol, Camarines Norte, Camarines Sur, Cavite, Cebu, Iloilo, Isabela, La Union, Laguna, Palawan, Misamis Oriental, Nueva Ecija, Quezon, Rizal, Tarlac, and Zamboanga del Sur. Interested parties are invited to participate in the e-bidding through a one-time registration at the PDIC's designated portal.
Registered participants can submit their bids online and observe the bidding process by accessing the 'Assets for Sale' section on the PDIC website. The electronic bids will be accepted via the e-bidding portal starting at 9 a.m. on May 28 until 1 p.m. on May 29, with the opening of bids set for 2 p.m. on the same day.
The PDIC encourages potential buyers to explore the catalog of properties available on the e-bidding portal, which provides a comprehensive list and details of the properties, necessary requirements, bidding process, and Conditions of the Bid. For those acquiring agricultural properties, a certification from the Provincial Agrarian Reform Officer confirming that the lot is not covered by the Comprehensive Agrarian Reform Program and has no existing land ownership awards is required within 15 days post-bidding.
Additionally, winning bidders must submit an Affidavit of Aggregate Landholdings, confirming compliance with the legal five-hectare landholding limit. Acting as the statutory receiver of closed banks, the PDIC aims to liquidate these assets to maximize recovery and assist in settling claims from closed bank creditors, including depositors with uninsured deposits.
Funds generated from the sale of properties owned by closed banks are allocated to a specific fund managed by the PDIC to address creditors' claims. Meanwhile, revenues from the sale of corporate assets are directed to the Deposit Insurance Fund, which serves as the funding source for legitimate deposit insurance claims.
