PDIC to auction P94 million agricultural properties of closed banks

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) will sell 45 agricultural properties in Luzon to raise P94 million for the agency’s pooled resources to pay creditors of closed banks.

The PDIC will auction on Jan. 27 on an as-is, where-is basis 42 vacant agricultural lots, two mixed agricultural and residential lots with improvements and one vacant mixed agricultural and residential lot.

Upon disposal, the PDIC hopes to collect P93.8 million from the sale of the agricultural properties located in different areas in Luzon.

The farm lots are located in Apayao, Aurora, Batangas, Bulacan, Cagayan, Isabela, Laguna, La Union, Palawan and Quezon.

The agricultural properties range between 761 square meters and 105,110 sqm, with minimum disposal prices ranging from P161,000 to P5.3 million.

The PDIC said bids for the auctioned lots would be accepted through its web site from Jan. 26 to 27. Buyers were reminded that they are required to make a one-time registration via the e-bidding portal.

The PDIC said buyers may review the details of the agricultural properties once they finish registering through the online platform.

As part of the bid requirements, bidders need to file a certification, issued by the Department of Agrarian Reform’s provincial agrarian reform officer, that the property up for sale is not covered by the comprehensive agrarian reform program.

Also, they should make sure that no emancipation patent or certificate of land ownership award was issued for the agricultural property. Likewise, all bidders are tasked to submit an affidavit of  aggregate land holdings, stating that the person’s aggregate land holdings do not go beyond the five-hectare limit.