The Philippine Deposit Insurance Corp. (PDIC) is set to auction off a wide range of assets, including farmland, residential and commercial properties as well as equipment, through its electronic public bidding platform on Oct. 29 to 30.
The bidding portal will accept offers starting 9 a.m. on Oct. 29 until 1 p.m. the following day. All submitted bids will be opened at 2 p.m. on Oct. 30, the state-run deposit insurer announced.
Up for sale on an as-is-where-is basis are 34 vacant agricultural lots, 15 vacant residential lots, eight residential lots with improvements, three agricultural lots with improvements and several mixed-use properties. The inventory also includes two commercial lots, two vehicles and a generator set.
The properties, which range in size to as much as 8.2 hectares, are scattered across 19 provinces, including Aklan, Batangas, Cebu, Ilocos Norte, Isabela, Laguna, Leyte, Negros Oriental, Pangasinan, Sultan Kudarat and Zamboanga del Norte. The vehicles and generator, meanwhile, are located in Oriental Mindoro.
Interested buyers may register once via the PDIC’s e-bidding portal or by accessing the ‘Assets for Sale’ icon on the PDIC website. A catalog with detailed descriptions, requirements and bidding conditions is also available online.
The agency reminded bidders to conduct due diligence on the assets, such as verifying ownership, status and physical condition, before making an offer.
Winners of agricultural properties will need to submit within 15 days a Certification from the Department of Agrarian Reform stating that the land is not covered by the Comprehensive Agrarian Reform Program and that no Emancipation Patent or Certificate of Land Ownership Award has been issued.
They must also file an Affidavit of Aggregate Landholdings confirming that their total landholdings do not exceed the five-hectare legal limit.
As receiver of closed banks, the PDIC sells remaining assets to help settle claims of uninsured depositors and other creditors.
Proceeds from closed bank asset sales go to funds managed by PDIC for creditors’ claims, while revenues from corporate asset sales are added to the Deposit Insurance Fund.