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July 19, 2024

PDIC to raise P52M from bidding of Luzon, Mindanao agri lots in June

State-run Philippine Deposit Insurance Corp. (PDIC) aims to raise at least P52.2 million via the electronic public bidding of 29 agricultural lots located in Luzon and Mindanao owned by various closed banks next month.

To be sold individually and on an “as-is, where-is” basis on June 10 are 23 agricultural lots, four agricultural lots with improvement, a vacant mixed agricultural or residential lot and a mixed agricultural/residential lot with improvement located in Camarines Sur, Laguna, Marinduque, North Cotabato, Palawan, Sarangani and South Cotabato.

Property sizes of the agricultural lots are between 191 square meters and 67,110 square meters with the minimum disposal prices ranging from P267,000 to P4.6 million.

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

https://assetsforsale.pdic.gov.ph starting 9 am on June 9, to 1 pm on June 10.

Bids will be opened at 2 pm on June 10.

A one-time registration to the e-bidding portal is required from interested buyers.

As part of the bid requirements, bidders must submit a Certification, issued by the Provincial Agrarian Reform Officer (PARO) of the Department of Agrarian Reform where the property is located, that the property subject of the bid is not covered by the Comprehensive Agrarian Reform Program (CARP), and that no

Emancipation Patent or Certificate of Land Ownership Awards has been issued for the said property.

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.