MANILA – The Philippine Deposit Insurance Corporation (PDIC) will offer 70 properties in Luzon through electronic public bidding on September 23 and 24, including a commercial lot in Oriental Mindoro with a minimum bid price of P3.1 million.

Bid submissions will be accepted through the PDIC’s e-bidding portal from 9 a.m. on September 23 until 1 p.m. on September 24, with the opening of bids scheduled for 2 p.m. on September 24.

The featured property is a 240-square-meter commercial lot with improvement in Barangay Magasawang-Tubig, Naujan, Oriental Mindoro. The property is located along the Western Nautical Highway, which connects Naujan with other areas of the province and provides access to nearby commercial areas.

The remaining 69 properties consist of 51 residential properties, 17 agricultural properties, and one mixed residential/agricultural property with improvement.

The properties range in size from 75 square meters to 15 hectares and are located in Albay, Batangas, Camarines Sur, Isabela, Laguna, Palawan, Pangasinan, Romblon, and Sorsogon.

PDIC said the auction is open to all qualified buyers who register through its e-bidding portal. First-time participants are required to complete a one-time registration, which can also be used for future asset disposal activities.

The portal provides the property catalogue, individual property details, bidding guidelines and documentary requirements. Buyers bidding for another person or an organization can also obtain the required Special Power of Attorney and Secretary’s Certificate forms through the site.

All properties will be sold on an as-is-where-is basis. PDIC advised prospective bidders to conduct due diligence on the condition, status and ownership of properties before submitting their offers and to review the Conditions of Bid posted on the portal.

Additional requirements apply to successful bidders of agricultural properties.

Within 15 days after the e-bidding, successful buyers must submit an Affidavit of Aggregate Landholdings and a certification from the local Department of Agrarian Reform Provincial Agrarian Reform Officer (PARO).

The PARO certification must establish 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 for the property.

The affidavit must also confirm that the bidder’s total landholdings, including the property acquired through the auction, do not exceed the five-hectare legal limit. PDIC said templates for the required documents are available through the portal’s Download Center.

As statutory receiver, PDIC disposes of the remaining assets of closed banks to maximize recoveries and help settle claims of their creditors, including depositors with uninsured deposits.

Proceeds from closed bank-owned properties are placed in funds managed by PDIC for the respective closed banks and used to settle creditor claims. Proceeds from the sale of corporate assets, meanwhile, are added to the Deposit Insurance Fund, which finances valid deposit insurance claims.

Interested buyers in Metro Manila may contact the PDIC Public Assistance Department at (02) 8841-4141 during office hours. Those outside Metro Manila may call the toll-free hotline at 1-800-1-888-PDIC or 1800-1-888-7342.

Inquiries may also be sent through pad@pdic.gov.ph or via private message to PDIC’s Assets for Sale Facebook page or its official Facebook page.