Agricultural, residential lots up for auction

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up various properties of padlocked banks for sale.

The PDIC will accept bids via its e-bidding portal on Sept 25 for 80 properties as part of its continued effort to dispose of corporate and closed banks’ assets.

Potential buyers will have various property options, such as ownership, investment, or development.

These include 69 agricultural lots, four of which have improvements, nine mixed residential and agricultural lots, four of which have improvements, as well as one residential lot bundled with an agricultural lot.

Lot sizes of the properties are between 240 square meters and 236,840 sqm.

The properties are located in Aklan, Aurora, Batangas, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Cebu, Isabela, Maguindanao, North Cotabato, Nueva Ecija, Pampanga, Pangasinan, Quezon, Rizal, Sultan Kudarat, Tarlac and Western Samar.

The properties were acquired from banks granted financial assistance by the PDIC under its mandate under the law.

As the mandated liquidator, the PDIC sells closed bank-owned assets through public bidding and negotiated sales.

Proceeds of such transactions are added to the pool of liquid assets of the banks for distribution to uninsured depositors and other creditors subject to the rules on concurrence and preference of credits.

Disposing of these assets increases the chances of recovering uninsured depositors and creditors of their trapped funds in the closed banks.

Proceeds from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s primary fund source for payment of valid deposit insurance claims.

PDIC reminded bidders of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they want to acquire.