Commercial, residential lots up for sale via PDIC public e-bidding on September 27 to 28

The Philippine Deposit Insurance Corporation (PDIC) will accept bids for closed bank and Corporate-owned residential and commercial lots on its e-bidding portal at https://assetsforsale.pdic.gov.ph starting at 9:00 am on September 27, 2023, until 1:00 pm on September 28, 2023, and shall be opened at 2:00 pm on September 28, 2023.

With a total minimum disposal price of P150.8 million, 24 residential lots, 20 residential lots with improvements, three commercial lots with improvements, and a mixed residential/agricultural lot will be sold on an “as-is, where-is” basis. Said properties are located in Metro Manila, Bataan, Batangas, Bulacan, Cavite, Isabela, La Union, Marinduque, Pangasinan, Quezon, Sarangani, South Cotabato, and Surigao del Norte.

Property sizes range from 93 to 5,685 square meters, and with minimum disposal prices ranging from P106,080 to P45.5 million.

The complete list and description of the properties, requirements, e-bidding process, and Conditions of Bid are posted on the PDIC e-bidding portal. Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.

A one-time registration in the PDIC e-bidding portal at http://assetsforsale.pdic.gov.ph/Account/Register is required for interested buyers.  Once registered, interested buyers may submit their bids online and also observe the e-bidding proceedings by clicking the “Assets for Sale” icon on the PDIC website’s homepage at www.pdic.gov.ph.

For participants bidding on behalf of another individual or an organization, a Pro-forma Special Power of Attorney and Secretary’s Certificate, respectively, is required which may be downloaded from the e-bidding portal.

For more information on the e-bidding, interested buyers may call the PDIC Public Assistance Department at (02) 8841-4141 during office hours. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-PDIC or 1-800-1-888-7342, also during office hours. Inquiries may also be sent via e-mail at pad@pdic.gov.ph or private message on PDIC’s Assets for Sale Facebook page (@PDICAssetsforSale) or PDIC’s official Facebook page (@OfficialPDIC).  

As the statutory receiver, the PDIC sells closed bank-owned assets through public bidding and negotiated sales. Proceeds from the liquidation of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors based on legal priority. The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds in the closed banks.

Meanwhile, proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.