Luzon, Visayas residential, commercial lots up for e-bidding on November 28-29

The Philippine Deposit Insurance Corporation (PDIC) will accept bids for 58 residential and commercial lots located in various provinces of Luzon and Visayas on its e-bidding portal at https://assetsforsale.pdic.gov.ph from 9:00 am on November 28, 2022, until 1:00 pm on November 29, 2022 and open them at 2:00 pm on November 29, 2022.

To be sold on an “as-is, where-is” basis and with a total minimum disposal price of P123.8 million, these properties are owned by PDIC or closed banks under liquidation by PDIC and located in Metro Manila, Albay, Bataan, Bulacan, Cagayan, Camarines Sur, Cebu, Iloilo, Laguna, Leyte, Negros Oriental, Palawan, Pampanga, Pangasinan, Quezon, and Rizal.

These include 31 residential lots with improvements, 22 residential lots, and five commercial lots with improvements.

Property sizes range from 58 to 4,860 square meters with minimum disposal prices between P100,000 and P22.9 million.

For interested buyers, a one-time registration on the PDIC e-bidding portal at http://assetsforsale.pdic.gov.ph/Account/Register is required before submitting bids.  Once registered, they may observe the e-bidding proceedings on the website by clicking the “Assets for Sale” icon on the PDIC website’s homepage at www.pdic.gov.ph.

The complete list and description of the properties, requirements, e-bidding process, and Conditions of Bid are posted on the same portal.

Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.

For participants bidding on behalf of another individual or an organization, a Pro-forma Special Power of Attorney and Secretary’s Certificate, respectively, can likewise 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 subject to the rules on concurrence and preference of credits.

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.