PDIC announces sale of closed banks' assets via e-bidding

The Philippine Deposit Insurance Corporation (PDIC) is selling 76 corporate and closed bank properties through electronic public bidding (e-bidding), according to a report by Philippine News Agency.

In a statement Monday, PDIC said to be sold from May 28 to 29 on an as-is-where-is basis are 25 vacant agricultural lots, 24 vacant residential lots, 13 residential lots with improvements, six mixed residential or agricultural lots with improvements, four agricultural lots with improvements, two mixed vacant residential or agricultural lots, and two commercial lots with improvements.

Ranging from 90 to 50,000 square meters, the properties are located in Aklan, Albay, Bataan, Batangas, Bohol, Camarines Norte, Camarines Sur, Cavite, Cebu, Iloilo, Isabela, La Union, Laguna, Palawan, Misamis Oriental, Nueva Ecija, Quezon, Rizal, Tarlac, and Zamboanga del Sur.

Prospective parties can join the e-bidding through a one-time registration on the portal at http://assetsforsale.pdic.gov.ph/Account/Register.

Once registered, buyers may submit their bids online and observe the e-bidding proceedings by clicking the “Assets for Sale” icon on the PDIC website's homepage at www.pdic.gov.ph.

PDIC said electronic bids will be accepted through its e-bidding portal, https://assetsforsale.pdic.gov.ph, starting at 9 a.m. on May 28 until 1 p.m. on May 29 and will be opened at 2 p.m. the same day.

"Interested buyers are encouraged to visit the catalog of properties in the e-bidding portal, where the complete list and description of the properties, requirements, e-bidding process, and Conditions of the Bid are posted," PDIC said.

Winning bidders of agricultural properties are required to submit within 15 days after the e-bidding a certification issued by the Provincial Agrarian Reform Officer (PARO) of the Department of Agrarian Reform where the property is located that the subject agricultural lot is not covered by the Comprehensive Agrarian Reform Program (CARP) and that no Emancipation Patent or Certificate of Land Ownership Awards has been issued for the said property.

Winning bidders are also required to submit an Affidavit of Aggregate Landholdings within the same period, which states that the person's collective
landholdings, including the property or properties to be acquired during the bidding, do not exceed the five-hectare limit set by law.

As the statutory receiver 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.

PDIC said proceeds from the sale of closed bank-owned properties go directly to a fund it manages for these closed banks to settle creditors’ claims.

Meanwhile, revenues from the sale of corporate assets are added to the Deposit Insurance Fund, the funding source for valid deposit insurance claims.