State-run Philippine Deposit Insurance Corp. (PDIC) is set to auction 52 residential and commercial lots worth P71.5 million through an electronic public bidding on August 5.
To be sold on an “as-is, where-is” basis, these corporate and closed banks’ assets include 41 vacant residential lots, 10 residential lots with improvements, and one commercial lot with improvements.
The said properties are located in Apayao, Bataan, Batangas, Laguna, Oriental Mindoro, Quezon, Rizal, and Sultan Kudarat. Lot sizes are between 107 square meters and 1,079 square meters with minimum disposal prices ranging from P191,540 to P31.7 million.
Interested buyers may send their bids online through PDIC’s e-bidding portal a starting August 4 until 1 pm on August 5. Bids will be opened at 2 pm on August 5.
Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.
For participants who are submitting bids on behalf of another individual or an organization, the standard format of the Special Power of Attorney and Secretary’s Certificate, respectively, can likewise be downloaded from the ebidding portal.
As the mandated liquidator, the PDIC sells closed bank-owned 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.