MANILA—The Philippine Deposit Insurance Corporation (PDIC) will offer 75 properties in Luzon through electronic public bidding from Oct. 14 to 15, with bids to be submitted through its online Assets for Sale portal.

The e-bidding will open at 9 a.m. on Oct. 14 and close at 1 p.m. on Oct. 15. The opening of bids will be held at 2 p.m. on Oct. 15.

The portfolio includes 16 vacant agricultural lots in Cagayan and Isabela, with areas of up to 11 hectares. The properties are located in Cagayan Valley and will be offered alongside 15 other vacant agricultural lots in Benguet, La Union, Pangasinan and Tarlac.

Minimum bid prices for the agricultural lots start at P164,000.

The PDIC will also offer 21 vacant residential properties in Pangasinan, Cagayan, Isabela, Nueva Ecija and Tarlac. Their minimum bid prices range from P196,600 to P1.9 million.

The remaining properties consist of 16 residential lots with improvements, six mixed residential/agricultural properties and one agricultural property with improvements. These are located in Bulacan, Cagayan, Isabela, La Union, Nueva Ecija, Pangasinan and Tarlac.

The bidding is open to all qualified buyers who register through the PDIC’s e-bidding portal. Prospective participants are encouraged to complete the one-time registration before the auction and may access the property catalogue, detailed property information, bidding guidelines and documentary requirements through the portal.

Participants bidding on behalf of another individual or organization may also download the prescribed Special Power of Attorney and Secretary’s Certificate forms from the site.

All properties will be sold on an “as-is-where-is” basis. The PDIC advised prospective bidders to conduct due diligence on the condition, status and ownership of the properties before submitting their bids.

Bidders are also required to review the Conditions of Bid posted on the portal to ensure compliance with the bidding procedures.

For agricultural properties, successful bidders must submit an Affidavit of Aggregate Landholdings and a certification from the local Department of Agrarian Reform Provincial Agrarian Reform Officer within 15 days of the e-bidding event.

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.

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. Templates for the required documents are available through the portal’s Download Center.

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

Proceeds from closed bank-owned properties go to funds managed by the Corporation for the settlement of creditors’ claims, while proceeds from corporate asset sales are added to the Deposit Insurance Fund, which finances valid deposit insurance claims.