PDIC sets auction for P93 million agricultural lots

MANILA, Philippines — The Philippine Deposit Insurance Corp. (PDIC) will put up for sale P93.2 million worth of agricultural lots owned by banks under liquidation.

A public electronic bidding of 52 agricultural lots will be conducted on June 28 by the PDIC. Lot sizes of the properties range from 300 square meters to 138,099 sqm.

Rates for the properties start at a minimum disposal price of P48,000 to as much as P12.4 million.

The residential lots are located in Antique, Bataan, Batangas, Camarines Sur, Cavite, Ilocos Norte, Laguna, Marinduque, Negros Oriental, Nueva Ecija, Occidental Mindoro, Pangasinan, Quezon, Rizal, Sarangani, and South Cotabato.

As the mandated liquidator, the PDIC sells closed bank-owned assets through public biddings and negotiated sales.

Proceeds of such transactions are added to the pool of liquid assets of the banks for distribution to uninsured depositors and other creditors subject to the rules on concurrence and preference of credits.

The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds in the closed banks.

Meanwhile, proceeds from the sale of corporate assets are added to the deposit insurance fund, PDIC’s main fund source for payment of valid deposit insurance claims.

PDIC has reminded bidders of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they want to acquire.