THE Philippine Deposit Insurance Corporation, created in 1963 through Republic Act 3591, not only insures bank deposits up to P1 million per depositor per bank but also, as receiver and liquidator, manages, gathers and sells assets of closed banks to pay off creditors and depositors.
PHOTOGRAPH courtesy of PDIC
The Philippine Deposit Insurance Corporation (PDIC) is putting 70 properties across Luzon up for electronic public bidding in September, including a 240-square-meter commercial lot in Oriental Mindoro with a minimum bid of P3.1 million.
The prime commercial property, located in Barangay Magasawang-Tubig, Naujan, comes with an existing improvement and sits along the Western Nautical Highway, a key transport route connecting the municipality with other parts of Oriental Mindoro.
Featured asset
The property is the featured asset in PDIC’s upcoming e-bidding, with bid submissions opening at 9 a.m. on 23 September and closing at 1 p.m. on 24 September. Bids will be opened at 2 p.m. the same day through the agency’s online assets-for-sale portal.
The portfolio includes 51 residential properties, 17 agricultural properties and one mixed residential-agricultural property. Sizes range from 75 square meters to 15 hectares, offering potential options for homebuyers, developers, farmers and businesses.
The properties are located in Albay, Batangas, Camarines Sur, Isabela, Laguna, Palawan, Pangasinan, Romblon and Sorsogon.
Register through PDIC e-bidding portal
Qualified buyers must register through the PDIC e-bidding portal before participating. The same platform provides the property catalog, bidding procedures and documentary requirements.
PDIC said all assets will be sold on an “as-is-where-is” basis, urging bidders to conduct due diligence on the properties’ condition, ownership and legal status before submitting offers.
Buyers of agricultural properties must also submit an affidavit of aggregate landholdings and certification from the local Department of Agrarian Reform Provincial Agrarian Reform Officer within 15 days of the bidding.
These documents must confirm compliance with the five-hectare landholding limit and that the property is not covered by the Comprehensive Agrarian Reform Program.
