State-run Philippine Deposit Insurance Corp. (PDIC) announced Friday it would sell through electronic public bidding 43 residential, agricultural and mixed-use lots in February 2025.
Electronic bids will be accepted through the PDIC e-bidding portal starting 9 a.m. on Feb. 5 until 1 p.m. on Feb. 6. Bids will be opened at 2 p.m. on Feb. 6.
PDIC said up for auction on an “as-is-where-is” basis are closed banks’ assets consisting of 17 residential lots with improvements, 10 vacant residential lots, nine agricultural lots, three residential/agricultural lots with improvements, two vacant residential/agricultural lots and two agricultural lots with improvements.
Property areas range from 105 to 67,143 square meters.
Prospective parties can join the e-bidding through a one-time registration on the PIDS portal.
PDIC said that once registered, buyers may submit their bids online and observe the e-bidding proceedings by clicking the “Assets for Sale” icon on the PDIC website’s homepage.
Interested buyers can browse through the catalog of properties on the e-bidding portal where the complete list and description of the properties, requirements, e-bidding process, and conditions of bid are posted.
PDIC encouraged prospective bidders to get familiar with the terms and conditions outlined by the PDIC and are reminded of their responsibility to 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.
