The Philippine Deposit Insurance Corporation (PDIC) is set to sell 36 residential lots via an electronic public bidding (e-bidding) on April 22, 2022.
To be sold individually and on an “as-is, where-is” basis are 21 vacant residential lots and 15 residential lots with improvements located in Metro Manila, Cavite, Laguna, Misamis Oriental, North Cotabato, Palawan, Pampanga, Pangasinan, Quezon and Sultan Kudarat. Property sizes of the residential lots are between 120 and 1,882 square meters with the minimum disposal prices ranging from P217,000 to P2.9 million. Combined, the minimum disposal price of the properties amounts to P42.8 million.
Interested buyers may send their bids online through PDIC’s e-bidding portal at https://assetsforsale.pdic.gov.ph starting at 9:00 am on April 21, 2022, to 1:00 pm on April 22, 2022. Bids will be opened at 2:00 pm on April 22, 2022. A onetime registration to the e-bidding portal is required from interested buyers which may be completed via the e-bidding portal at http://assetsforsale.pdic.gov.ph/Account/Register. Bidders may observe the e-bidding proceedings on the same portal, which may also be accessed by clicking the “Assets for Sale” icon on the PDIC website’s homepage at www.pdic.gov.ph.
The complete list and description of the properties, requirements, e-bidding process, and Conditions of Bid are posted on the e-bidding portal. Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.
For participants who are submitting bids on behalf of another individual or an organization, respectively, the standard format of the Special Power of Attorney and Secretary’s Certificate can likewise be downloaded from the said portal.
For more information on the e-bidding, interested buyers may call the PDIC Public Assistance Department at (02) 8841-4141 during office hours. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888- PDIC or 1-800-1-888-7342, also during office hours. Inquiries may also be sent via e-mail at [email protected] or private message on PDIC’s Assets for Sale Facebook page (@PDICAssetsforSale) or PDIC’s official Facebook page (@OfficialPDIC).
As 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. 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.
The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963, by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.