PDIC to auction closed bank assets via e-bidding

The Philippine Deposit Insurance Corporation (PDIC) will auction 54 assets from closed banks through an electronic public bidding on April 24. 

These properties, located in Aklan, Bukidnon, Camarines Sur, Isabela, Palawan, and Quirino, include vacant agricultural and residential lots, as well as improved residential and agricultural properties, ranging from 71 to 239,343 square meters.

Electronic bids will be accepted via the PDIC’s e-bidding portal (https://assetsforsale.pdic.gov.ph) starting at 9 a.m. on April 23 until 1 p.m. on April 24, with the opening of bids set at 2 p.m. 

Interested buyers must register on the portal to participate and can access property details, requirements, and bidding guidelines.

The PDIC advised bidders to conduct due diligence and verify property conditions before submitting bids. 

Winning bidders of agricultural lots must secure a certification from the Department of Agrarian Reform confirming that the property is not covered by the Comprehensive Agrarian Reform Program. They must also submit an affidavit stating their total landholdings do not exceed the legal five-hectare limit.

The PDIC liquidates assets of closed banks to recover funds for settling creditor claims, including uninsured depositors. 

“Proceeds from the sale of closed bank-owned properties go directly to a fund that the Corporation manages for these closed banks to settle creditors’ claims,” the PDIC stated.