State deposit insurer Philippine Deposit Insurance Corporation (PDIC) will sell 76 corporate and closed bank properties worth ₱137.9 million to raise funds to settle creditors’ claims on these assets.

These asset sales, which await potential buyers until the last week of May 2025, will go through electronic or online public bidding (e-bidding). 

Specifically, the PDIC will accept electronic or online bids through its e-bidding portal from 9:00 a.m. on May 28 until 1:00 p.m. on May 29. Bids will be opened at 2:00 p.m. on May 29.

All properties will be sold on an as-is-where-is basis, including 25 vacant agricultural lots, 24 vacant residential lots, 13 residential lots with improvements, six mixed residential and agricultural lots with improvements, four agricultural lots with improvements, two mixed vacant residential and agricultural lots, and two commercial lots with improvements.

Palawan accounted for the largest share of the total value, with 10 properties — mostly agricultural lots — worth ₱31.9 million. In Cavite, four commercial and agricultural lots are being sold for a combined value of ₱18.2 million.

 

Isabela is offering 11 lots, mostly residential, with a total value of ₱15.9 million. Meanwhile, seven lots in Aklan are available for a combined ₱10.9 million. Finally, Camarines Sur offers five agricultural lots, while Camarines Norte has five residential lots, with both provinces’ assets valued at a total of ₱9.9 million.

Ranging from 90 to 50,000 square meters (sqm), other properties are located in Albay, Bataan, Batangas, Bohol, Cebu, Iloilo, La Union, Laguna, Misamis Oriental, Nueva Ecija, Quezon, Rizal, Tarlac, and Zamboanga del Sur.

As the statutory receiver or official manager of closed banks, the PDIC “liquidates the remaining assets of closed banks to maximize recovery and help pay claims of closed bank creditors, including depositors with uninsured deposits,” the corporation said in an April 28 statement.  
According to the PDIC, its earnings from selling closed-bank properties will be placed into a fund that the state insurer manages to pay off the claims of the closed banks’ creditors. 
“Meanwhile, revenues from the sale of corporate assets are added to the Deposit Insurance Fund (DIF), the funding source for valid deposit insurance claims,” the PDIC noted.

Interested buyers can register once on the PDIC e-bidding portal to submit bids and watch the auction online. The portal also provides a full catalog of properties for sale, along with bidding requirements, procedures, and conditions.

The PDIC has encouraged potential buyers to “conduct their due diligence on the properties by reviewing and understanding the terms and conditions” outlined by the corporation. 

“Further, prospective buyers are likewise reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire,” it added.