State-run Philippine Deposit Insurance Corp. (PDIC) is set to sell 29 residential and commercial lots with aggregate minimum disposal price of P43.8 million through electronic public bidding (e-bidding) on June 24.
To be sold on an “as-is, where-is” basis, these corporate and closed bank owned assets include 17 vacant residential lots, two of which will be sold as one, nine residential lots with improvements, and three commercial lots with improvements.
These properties are located in different parts of Luzon and Mindanao – Metro Manila, Apayao, Bataan, Batangas, Bukidnon, Cagayan, Camarines Sur, North Cotabato, Pampanga, and Quezon.
Property sizes of the residential lots range from 50 to 1,000 square meters with minimum disposal prices between P165,000 and P3.2 million.
The sizes of commercial properties range from 259 to 314 square meters with price tags between P1.1 and P20.5 million.
Interested buyers may send their bids online through PDIC’s e-bidding portal at https://assetsforsale.pdic.gov.ph on June 23 and will be opened on June 24.
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.