State-run Philippine Deposit Insurance Corp. (PDIC) announced that it will sell through electronic public bidding 80 agricultural, residential and mixed-use lots on Sept. 25 and Sept. 26, 2024.
“To be sold on an as-is-where-is basis are corporate and closed banks’ assets consisting of 64 agricultural lots, five agricultural lots with improvements, five mixed residential/ agricultural lots, four mixed residential/agricultural lots with improvements, and one residential lot bundled with an agricultural lot,” PDIC said.
These properties are located in Aklan, Aurora, Batangas, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Cebu, Isabela, Maguindanao, North Cotabato, Nueva Ecija, Pampanga, Pangasinan, Quezon, Rizal, Sultan Kudarat, Tarlac and Western Samar.
Property sizes range from 240 square meters to 236,840 square meters.
Interested buyers can browse through the catalog of properties on PDIC’s 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 and their responsibility to determine the actual condition, status, ownership and other circumstances of the properties they wish to acquire.
PDIC, the statutory receiver of closed banks, liquidates the remaining assets of closed banks to maximize recovery and help pay claims of closed bank creditors, including depositors with uninsured deposits.
It said the 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.
Meanwhile, revenues from the sale of corporate assets are added to the Deposit Insurance Fund, the funding source for valid deposit insurance claims.
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