MANILA – The Philippine Deposit Insurance Corporation (PDIC) will conduct an electronic public bidding for 240 vacant residential lots in Tiaong, Quezon on Aug. 19 and 20, with bid submissions to be made through its online bidding portal.

The bidding period will open at 9 a.m. on Aug. 19 and close at 1 p.m. on Aug. 20 through the PDIC e-bidding portal, while the opening of bids is scheduled for 2 p.m. on Aug. 20.

The properties, located at Greenville Subdivision in Barangay Lusacan, Tiaong, have minimum disposal prices ranging from PHP119,000 to PHP1 million. According to the PDIC, the subdivision is situated near schools, the Tiaong Municipal Hall and commercial establishments, making it attractive for both homebuyers and investors.

The state deposit insurer also cited the ongoing South Luzon Expressway Toll Road 4 (SLEX TR4) project passing through Tiaong, saying the infrastructure is expected to improve connectivity, shorten travel time, support further development and increase long-term property values in the area.

Interested buyers may access the property catalog, bidding guidelines, requirements and submit bids through the official PDIC e-bidding portal after completing a one-time registration. The registration also allows participants to join future PDIC asset auctions.

PDIC said all properties will be sold on an “as-is, where-is” basis and encouraged prospective buyers to conduct due diligence by verifying the condition and ownership of the properties, as well as reviewing the conditions of the bidding before submitting offers. The agency also provides downloadable templates for a Special Power of Attorney and Secretary’s Certificate for those bidding on behalf of another person or an organization.

The proceeds from the sale of PDIC-owned corporate assets will be added to the Deposit Insurance Fund, which is used to pay valid deposit insurance claims.