Manila: The Philippine Deposit Insurance Corporation (PDIC) is preparing to sell 73 properties from closed banks through an electronic public bidding process scheduled for July 23 to 24.

According to Philippines News Agency, the properties up for auction include a mix of agricultural and residential lots, both vacant and with improvements, as well as commercial and mixed-use properties. The properties, varying in size from 71 square meters to over 142,000 square meters, are located across several regions including Metro Manila, Aklan, Albay, Bohol, and more.

The PDIC has announced that electronic bids will be accepted through its e-bidding portal from 9 a.m. on July 23 until 1 p.m. on July 24, with bids to be opened at 2 p.m. on the same day. Interested parties must register on the portal to participate.

Prospective buyers are encouraged to review the catalog of available properties on the e-bidding portal, which provides detailed descriptions, requirements, and conditions for the bidding process. The PDIC also advises bidders to conduct due diligence regarding the properties' condition, status, ownership, and other relevant factors.

Winning bidders of agricultural properties must submit specific documentation within 15 days post-bidding, including certification from the Department of Agrarian Reform and an Affidavit of Aggregate Landholdings, ensuring compliance with legal landholding limits.

The PDIC's initiative aims to liquidate assets from closed banks to maximize recovery and support the settlement of claims from closed bank creditors, including depositors with uninsured deposits. Proceeds from the sales will contribute to a fund managed by the corporation to address creditor claims.