Home>Specials>Business>Luzon residential and commercial lots up for sale via PDIC public e-bidding on March 9-10

Luzon residential and commercial lots up for sale via PDIC public e-bidding on March 9-10


The Philippine Deposit Insurance Corporation (PDIC) will accept bids for 30 residential and commercial lots located in Luzon on its e-bidding portal at https://assetsforsale.pdic.gov.ph starting at 9:00 am on March 9, 2023 until 1:00 pm on March 10, 2023, and shall be opened at 2:00 pm on March 10, 2023.

To be sold on an “as-is, where-is” basis and with a total minimum disposal price of P65.6 million, these properties are owned by PDIC or closed banks under liquidation by PDIC and located in Metro Manila, Albay, Bataan, Batangas, Cagayan, Nueva Ecija, Pangasinan, Quezon, and Rizal. These include 15 residential lots with improvements, 12 residential lots, and one vacant commercial lot. Also for sale is one parking slot and a commercial office/condominium unit with appurtenant parking lot located in a condominium building in Mandaluyong City. Property sizes range from 12.5 to 4,348 square meters with minimum disposal prices between P220,000 and P19.6 million.

For interested buyers, a one-time registration on the PDIC e-bidding portal at http://assetsforsale.pdic.gov.ph/Account/Register is required before submitting bids. Once registered, they may observe the e-bidding proceedings on the website 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 same 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 bidding on behalf of another individual or an organization, a Pro-forma Special Power of Attorney and Secretary’s Certificate, respectively, can likewise be downloaded from the e-bidding 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 the statutory receiver, the PDIC sells closed bank-owned assets through public bidding 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 of 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.

Journal Online
A collection of noteworthy information on various topics from the Philippines and the rest of the world.