PDIC to auction 53 properties via e-bidding this October

The Philippine Deposit Insurance Corporation (PDIC) is set to auction 53 commercial, residential, and mixed-use properties through an electronic public bidding (e-bidding) from October 23 to 24, 2024.

The sale, which will take place via PDIC’s online portal, https://assetsforsale.pdic.gov.ph, offers an opportunity for buyers to acquire a diverse range of properties across multiple regions in the country.

The e-bidding event will open on October 23 at 9 a.m. and will close at 1 p.m. the following day, with the official opening of bids scheduled for 2 p.m. on October 24.

Property Overview

A total of 53 lots are up for sale, including:

• 26 vacant residential lots,
• 20 residential lots with improvements,
• Three commercial lots with improvements,
• Two vacant mixed-use residential/agricultural lots,
• One mixed-use commercial/residential lot with improvements, and
• One mixed-use residential/industrial lot with improvements.

These properties, available on an as-is-where-is basis, are located in Metro Manila and several provinces including Bataan, Batangas, Benguet, Bukidnon, Bulacan, Cavite, Isabela, Laguna, Negros Occidental, Nueva Ecija, Oriental Mindoro, Pampanga, Pangasinan, Quezon, Tarlac, and Zambales. Lot sizes range from 59 square meters to nearly 10,000 square meters.

How to Participate

Interested buyers can join the auction by registering once at the PDIC’s e-bidding portal. Upon registration, users can submit their bids online and observe the proceedings by clicking the “Assets for Sale” icon on the PDIC website.

All necessary information, including property descriptions, requirements, and conditions for the bidding process, can be found in the online catalog. Prospective bidders are encouraged to thoroughly review the properties and conditions before submitting their bids, as they are responsible for verifying the status and condition of the properties they intend to acquire.

For those bidding on behalf of another party or organization, the Pro-forma Special Power of Attorney and Secretary’s Certificate forms are available for download on the e-bidding portal.

Maximizing Recovery for Closed Banks

As the statutory receiver of closed banks, the PDIC manages and liquidates the remaining assets of these institutions to maximize recovery and settle claims by creditors, including uninsured depositors. Proceeds from the sale of properties owned by closed banks are directly allocated to a fund overseen by the PDIC to address these claims.

Revenues generated from the sale of PDIC’s corporate assets, on the other hand, are added to the Deposit Insurance Fund (DIF), which is the financial reserve used to cover legitimate deposit insurance claims.

 

Assistance and Inquiries

For those seeking more information on the upcoming e-bidding, the PDIC Public Assistance Department can be reached via phone during office hours at (02) 8841-4141 for Metro Manila residents. Interested buyers outside Metro Manila can contact the PDIC toll-free hotline at 1-800-1-888-PDIC (7342).

Email inquiries can be sent to pad@pdic.gov.ph, and messages can be directed to PDIC’s official Facebook pages.

The PDIC continues to fulfill its mandate of protecting depositors and maintaining stability in the country’s financial system, both through its role as a co-regulator alongside the Bangko Sentral ng Pilipinas (BSP) and its liquidation of closed banks.