PDIC to sell properties via e-bidding in May

THE Philippine Deposit Insurance Corp. (PDIC) announced it is set to sell through electronic public bidding a total of 101 real properties on its e-bidding portal starting at 9:00 a.m. on May 22 until 9:00 a.m. on May 23, 2024.

Bids shall be opened at 10:00 a.m. on May 23, a statement by the PDIC read.

To be sold an “as-is, where-is” are subdivision, residential and commercial lots owned by closed banks and acquired by the PDIC.

These consist of 22 lots in Azores Subdivision, Barangay Santo Angel, San Pablo City, Laguna, 50 residential lots with improvements, 23 vacant residential lots, three residential lots, one residential condominium, one commercial lot with improvement, and a commercial building. Bulk of the properties are located in different parts of Luzon. Property sizes range from 36 square meters to 2,993 square meters.

The PDIC said prospective parties can join the e-bidding through a one-time registration on the portal at http://assetsforsale.pdic.gov.ph/account/register. Once registered, buyers may submit their bids online and observe the e-bidding proceedings by clicking the “Assets for Sale” icon on www.pdic.gov.ph, the PDIC added.

As the mandated receiver of closed banks, the PDIC liquidates the remaining assets of closed banks to help pay claims of closed bank creditors, including depositors with uninsured deposits. Proceeds from the sale of closed bank-owned properties and other assets through public biddings and negotiated sales go directly to a fund that the Corporation uses to settle creditors’ claims against the assets of closed banks. Meanwhile, revenues from the sale of corporate assets are added to the Deposit Insurance Fund, from which the PDIC pays valid deposit insurance claims.