The Philippine Deposit Insurance Corporation (PDIC) will offer 70 properties across Luzon through an electronic public bidding on 23 to 24 September.

Bid submissions will be accepted from 9 a.m. on 23 September until 1 p.m. on 24 September, with bids to be opened at 2 p.m. on 24 September.

Headlining the portfolio is a 240-square-meter prime commercial lot with improvement in Barangay Magasawang-Tubig, Naujan, Oriental Mindoro, with a minimum bid price of P3.1 million.

The property is located along the Western Nautical Highway, providing access to key commercial areas and the transport corridor connecting Naujan to other parts of Oriental Mindoro.

PDIC will also offer 69 other assets, consisting of 51 residential properties, 17 agricultural properties and one mixed residential-agricultural property with improvement.

The properties range from 75 square meters to 15 hectares and are located in Albay, Batangas, Camarines Sur, Isabela, Laguna, Palawan, Pangasinan, Romblon and Sorsogon.

The public bidding is open to qualified buyers who register through PDIC’s e-bidding portal.

Prospective buyers may access the complete property catalog, detailed property information, bidding guidelines and documentary requirements through the portal.

PDIC said properties will be sold on an “as-is, where-is” basis and encouraged prospective bidders to conduct due diligence on the condition, status and ownership of properties before submitting their bids.

Successful bidders for agricultural properties must submit an Affidavit of Aggregate Landholdings and certification from the Department of Agrarian Reform’s Provincial Agrarian Reform Officer within 15 days of the e-bidding.

The certification must confirm that the property is not covered by the Comprehensive Agrarian Reform Program and that no Emancipation Patent or Certificate of Land Ownership Award has been issued.

The affidavit must also confirm that the successful bidder’s aggregate landholdings, including the acquired property, remain within the five-hectare legal limit.

As statutory receiver, PDIC liquidates assets of closed banks to maximize recoveries and help settle claims of creditors, including depositors with uninsured deposits.

Proceeds from closed bank-owned properties are used to settle creditors’ claims, while proceeds from the sale of PDIC corporate assets are added to the Deposit Insurance Fund.