State-run Philippine Deposit Insurance Corp. (PDIC) is set to auction off some remaining assets from closed banks next month.
In a statement, PDIC said the government’s deposit insurer plans to hold an electronic public bidding (e-bidding) on Sept. 25 and 26, 2024.
The auction will consist of a total of 80 lots encompassing agricultural, residential, and mixed-use properties, all offered on an “as-is-where-is” basis.
The assets include 64 agricultural lots, five agricultural lots with improvements, five mixed residential/agricultural lots, and one residential lot combined with an agricultural lot.
Properties up for bid are located in Aklan, Aurora, Batangas, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Cebu, Isabela, Maguindanao, North Cotabato, Nueva Ecija, Pampanga, Pangasinan, Quezon, Rizal, Sultan Kudarat, Tarlac, and Western Samar.
The sizes of the lots range from 240 square meters to an expansive 236,840 square meters.
To participate in the e-bidding, interested parties must register on the PDIC portal.
Once registered, buyers can submit their bids online and follow the e-bidding process by clicking the “Assets for Sale” icon on the PDIC website's homepage.
Buyers can view the catalog of properties on the e-bidding portal, where the complete list and description of the properties, requirements, e-bidding process, and Conditions of Bid are posted.
PDIC, meanwhile, said that bidders should carefully review the terms and conditions as well as verify the actual condition, status, ownership, and other details of the properties they are interested in acquiring.
For those interested in agricultural lots, bidders must provide a Certification issued by the Provincial Agrarian Reform Officer (PARO) of the Department of Agrarian Reform where the property is located, confirming that the agricultural lot is not covered by the Comprehensive Agrarian Reform Program (CARP) and that no Emancipation Patent or Certificate of Land Ownership Award has been issued for the property.
Bidders of agricultural lots are also required to submit an Affidavit of Aggregate Landholdings, confirming that their collective landholdings, including the property/ies to be acquired during the bidding, do not exceed the five-hectare limit set by law.
The prescribed format for the Certification and Affidavit can be obtained from the Download Center of the e-bidding portal.
The PDIC is the government’s statutory receiver for closed banks. It sells off the remaining assets of closed banks to recovery and help pay the claims of closed bank creditors, including depositors with uninsured deposits.
The proceeds from the sale of closed bank-owned properties are directly allocated to a fund managed by the Corporation to settle creditors’ claims for these closed banks.
Additionally, revenues from the sale of corporate assets are added to the Deposit Insurance Fund, which serves as the funding source for valid deposit insurance claims.