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September 28, 2022

PDIC to bid out 49 agri lots on July 15

A total of 49 agricultural lots owned by state-run Philippine Deposit Insurance Corp. (PDIC) and closed banks under its liquidation, are up for electronic public bidding (e-bidding) on July 15.

The PDIC announced that 47 agricultural lots and two agricultural lots with

improvements located in Albay, Bataan, Batangas, Laguna, Maguindanao,

Marinduque, Misamis Oriental, Negros Occidental, North Cotabato, Nueva

Ecija, Occidental Mindoro, Pangasinan, Quezon, Sultan Kudarat and Surigao

del Norte will be sold individually and on an “as-is, where-is” basis.

Property sizes are between 333 square meters and 94,178 square meters, with minimum disposal prices ranging from P50,000 to P4.7 million.

Combined, the minimum disposal price of these 49 properties amounts to P41.2 million.

Interested buyers may send their bids online via the PDIC e-bidding portal at

https://assetsforsale.pdic.gov.ph starting at 9 am on July 14, to 1 pm on July 15.

Bids will be opened at 2:00 pm on July 15.

As a liquidator, the PDIC disposes of various closed bank 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.

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