Manila: The Philippine Deposit Insurance Corporation (PDIC) will conduct an electronic public bidding (e-bidding) to sell prime residential properties and agricultural lots on April 29 to 30. In a statement Friday, PDIC announced that bids will be accepted starting at 9 a.m. on April 29 and will close at 1 p.m. on April 30. The opening of submitted bids is scheduled for 2 p.m. on the same day.
According to Philippines News Agency, the properties up for sale include two vacant residential lots located in the exclusive and gated Lakewood City and Villa Benita subdivisions in Cabanatuan City. These properties have lot areas of 475 square meters and 540 square meters, with minimum bid prices set at PHP4.4 million and PHP4.9 million, respectively. In addition, PDIC is offering 22 agricultural lots, 17 residential lots, and six mixed-use residential or agricultural properties. These properties are situated in various locations, including Metro Manila, Batangas, Bulacan, Isabela, Ilocos Sur, Laguna, La Union, Palawan, Pangasinan, Quezon, Rizal, Sorsogon, and Zambales.
Interested buyers are encouraged to view the complete property catalogue, including detailed descriptions, bidding procedures, and requirements, via the official PDIC e-bidding portal. Participation in the auction requires a one-time registration at https://assetsforsale.pdic.gov.ph/Account/Register, which will also provide access to future PDIC asset auctions. All properties will be sold on an 'as-is, where-is' basis, and prospective buyers are urged to conduct thorough due diligence, including verifying property conditions and ownership details.
Participants are advised to review all Conditions of Bid carefully before submitting their bids. Winning bidders for agricultural properties must submit a certification from the Provincial Agrarian Reform Officer of the Department of Agrarian Reform in the province where the property is located and an Affidavit of Aggregate Landholdings within 15 days after the e-bidding.
As the statutory receiver, PDIC is responsible for liquidating the remaining assets of closed banks to maximize recoveries and help settle claims of closed bank creditors, including depositors with uninsured deposits. Proceeds from the sale of closed bank-owned properties are directed to a fund managed by the corporation for these closed banks to settle creditors' claims, while revenues from the sale of corporate assets are added to the Deposit Insurance Fund, the primary funding source for valid deposit insurance claims.
