MANILA — The Philippine Deposit Insurance Corporation (PDIC) will offer 59 properties in the Visayas and Mindanao through an electronic public bidding (e-bidding) scheduled on Aug. 26 to 27.

In a statement, the PDIC said bids may be submitted through its e-bidding portal beginning at 9 a.m. on Aug. 26 until 1 p.m. on Aug. 27. The opening of bids is scheduled for 2 p.m. on Aug. 27.

Among the properties up for bidding are three commercial assets located in the municipalities of Lugait and Naawan in Misamis Oriental.

The remaining 56 properties include 23 vacant agricultural lots, one agricultural property with improvements, 20 vacant residential lots, nine residential properties with improvements, two agricultural-residential vacant lots, and one agricultural-residential property with improvements.

The properties range in size from 92 square meters to 12.4 hectares.

Assets in the Visayas are located in Aklan, Antique, Bohol, Capiz, Cebu, Iloilo, Leyte, Negros Occidental, and Negros Oriental. Properties in Mindanao are situated in Agusan del Norte, Davao del Sur, Misamis Occidental, Misamis Oriental, Sultan Kudarat, and Zamboanga Sibugay.

The public bidding is open to qualified buyers who register through the PDIC’s e-bidding portal. Registered participants may also access the property catalog, bidding guidelines, documentary requirements, and downloadable forms, including the prescribed Special Power of Attorney and Secretary’s Certificate for representatives bidding on behalf of individuals or organizations.

The PDIC reminded prospective buyers that all properties are being sold on an “as-is, where-is” basis and advised them to conduct due diligence on the condition, status, and ownership of the properties before submitting bids. Participants are also encouraged to review the conditions of the bidding to ensure compliance with the procedures.

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

The certification must state 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 certify that the bidder’s total landholdings, including the acquired property, do not exceed the five-hectare legal limit.

As the statutory receiver of closed banks, the PDIC disposes of remaining assets to maximize recoveries and help settle the claims of creditors, including depositors with uninsured deposits. Proceeds from the sale of closed bank-owned properties are used to settle creditors’ claims, while revenues from the sale of corporate assets are added to the Deposit Insurance Fund.