State-run Philippine Deposit Insurance Corp. (PDIC) said it is selling through electronic public bidding (e-bidding) 52 agricultural, residential and mixed-use lots.
It said it would accept the bids through the PDIC e-bidding portal from 9 a.m. on Nov. 27, 2024 until 1 p.m. on Nov. 28, 2024. The bids will be opened at 2 p.m. on Nov. 28, 2024.
PDIC said it would sell on an as-is-where-is basis corporate and closed banks’ assets consisting of 28 vacant agricultural lots, 13 agricultural lots with improvements, six residential/ agricultural lots with improvements, three vacant residential/agricultural lots, one vacant residential lot and one residential lot with improvements.
It said of these properties, three vacant agricultural lots, one vacant residential lot and two mixed-use lots would be sold together. One agricultural lot and one residential lot, both with improvements, are also bundled for sale.
The properties are located in Agusan del Sur, Aklan, Batangas, Benguet, Bukidnon, Bulacan, Cavite, Ilocos Sur, Iloilo, Isabela, Kalinga Apayao, Laguna, Lanao del Norte, Maguindanao, Misamis Oriental, Negros Oriental, Pampanga, Pangasinan, Quezon, Quirino, Sultan Kudarat, Surigao del Norte,and Tarlac.
PDIC said interested buyers can browse through the catalog of properties on the e-bidding portal which has the complete list and description of the properties, requirements, e-bidding process and bid conditions.
The company encouraged prospective bidders to get familiar with the terms and conditions outlined by the PDIC and determine the actual condition, status, ownership and other circumstances of the properties they wish to acquire.
As the statutory receiver of closed banks, the PDIC liquidates the remaining assets of closed banks to maximize recovery and help pay claims of closed bank creditors, including depositors with uninsured deposits.
Proceeds from the sale of closed bank-owned properties go directly to a fund that the corporation manages for these closed banks to settle creditors’ claims.
Meanwhile, revenues from the sale of corporate assets are added to the Deposit Insurance Fund, the funding source for valid deposit insurance claims.
