PDIC to auction off residential and commercial lots in Luzon and Mindanao

By Eileen Mencias

The Philippine Deposit Insurance Corporation (PDIC) will hold an online bidding for 42 residential and commercial lots located in Luzon and Mindanao on April 13-14.

Interested buyers can register on the PDIC e-bidding portal and submit their bids online.

The properties, owned by the PDIC or closed banks, will be sold on an “as-is, where-is” basis with a minimum disposal price of P48.9 million.

The lots are located in Metro Manila, Bataan, Benguet, Bulacan, Cavite, Maguindanao del Norte, Marinduque, Nueva Ecija, Pangasinan, Quezon, and Sorsogon.

The complete list and description of the properties, as well as the e-bidding process and requirements, are available on the PDIC e-bidding portal.

The lots range in size from 50 to 2,824 square meters with minimum disposal prices ranging from P70,000 to P3.4 million. Bidders are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.

Proceeds from the liquidation of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and creditors based on legal priority.

Meanwhile, proceeds from the sale ofcorporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.

The PDIC provides depositor protection and helps maintain stability in the financial system by providing deposit insurance.

The maximum deposit insurance coverage is P500,000 per depositor effective June 1, 2009.