The Philippine Deposit Insurance Corporation (PDIC) is set to host its inaugural face-to-face public bidding of the year on March 21, 2024, at the PDIC Chino Bldg., Makati City.
This event marks a significant stride in the PDIC’s asset disposition schedule, offering a plethora of properties from corporate entities and shuttered banks.
On March 20, 2024, direct buyers will have the opportunity to submit their sealed bids from 9:00 am to 4:00 pm, with the bids set to be unveiled at 2:00 pm the following day.
The bidding will encompass a diverse array of assets, totaling 75 in number, which include residential lots with and without improvements, agricultural lots, residential condominium units, and a commercial lot with improvements.
These are to be sold on an “as is, where is” basis with the aggregate minimum disposal price tagged at P80.3 million.
The properties span across several key locations, including Metro Manila, Bulacan, Camarines Sur, and several others, with sizes ranging from a modest 45 square meters to a sprawling 27,693 square meters.
The minimum disposal prices are set between P225,000 and P4.7 million, catering to a wide range of investors and private buyers.
PDIC encourages prospective bidders to acquaint themselves thoroughly with the bidding terms and conditions.
Detailed property descriptions, bidding requirements, and the Conditions of Bid are available on the PDIC e-bidding portal.
It’s incumbent upon bidders to ascertain the properties’ condition, status, and legal standing before participating.
Agricultural lot bidders must present a Certification from the Department of Agrarian Reform confirming the lot’s non-inclusion in the Comprehensive Agrarian Reform Program (CARP), along with an Affidavit of Aggregate Landholdings to ensure compliance with the five-hectare ownership cap.
These documents can be downloaded from the PDIC’s e-bidding portal.
Representative bidders are required to present a Pro-forma Special Power of Attorney or Secretary’s Certificate, obtainable from the same online platform.
The PDIC, acting as the statutory receiver, liquidates assets from closed banks through public biddings and negotiated sales.
The proceeds contribute to the pool of liquid assets available for distribution to uninsured depositors and other creditors, adhering to legal precedence.
aThe sales also augment the Deposit Insurance Fund, which is the PDIC’s backbone for settling valid deposit insurance claims.
This public bidding not only offers a chance for investors to acquire valuable assets but also plays a critical role in the financial recovery process for stakeholders involved with defunct banking institutions.
