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October 06, 2022

PDIC eyes P38M from sale of commercial, residential lots via public e-bidding

State-run Philippine Deposit Insurance Corp. (PDIC) aims to raise at least P37.9 million from the sale of 24 commercial and residential lots by way of electronic public bidding (e-bidding) on May 20.

To be sold individually and on an “as-is, where-is” basis, these corporate and closed bank assets include 11 residential lots with improvement, ten residential lots, and three commercial lots and are located in Metro Manila, Batangas, Bukidnon, Cavite, Laguna, Misamis Oriental, Negros Oriental, Occidental Mindoro, Pangasinan, Sarangani, and South Cotabato.

Property sizes of the residential lots are between 101 and 1,669 square meters with the minimum disposal prices ranging from P60,000 to P4.8 million.

The commercial properties range from 100 to 1,250 square meters and are for sale for a price range between P832,000 and P3.4 million.

Interested buyers may send their bids online through PDIC’s e-bidding portal at

https://assetsforsale.pdic.gov.ph starting at 9 am on May 19, to 1 pm on May 20, 2022. Bids will be opened at 2 pm on May 20.

PDIC reminded bidders to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.

As the mandated liquidator of closed banks, the PDIC disposes of their assets through public biddings 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.