Seven agricultural lots in Narra will be opened to electronic public bidding this June to be conducted by the Philippine Deposit Insurance Corporation (PDIC).

Jose Villaret, Jr., vice president of the corporate affairs group, said properties are located in the barangays of Malatgao, Princess Urduja, Taritien, Estrella Village, Bato-Bato, and Burirao. PDIC noted that the properties will be sold individually with an aggregate minimum disposal price amounting to P10.1 million.

The electronic public bidding will be conducted on June 10, where properties will be sold on an “as-is, where-is” basis. The properties located in Narra are from the closed Rural Bank of Narra, Inc.

“Dahil sa mga bangko na nagsara, meron kaming ilang mga ari-arian na naipon. Wala kaming ibang dapat gawin kung hindi ibenta ito para mabayaran ang mga utang ng mga nagsarang bangko, kaya kami nagbebenta ng properties. Ito ‘yong mga naiwan ng mga bangko– kasi ‘yong mga nagsara, meron silang utang sa taxes, empleyado,” he said.

“Ang PDIC ay nagbebenta ng properties ng closed banks kasi gusto namin ma-liquidate ang assets ng bangko para mabayaran ang pinagkakautangan nila,” he added.

Villaret further explained that the sales from the bidding of properties go first to taxes that closed banks should pay to the government followed by payments for its labor force.

PDIC has a total of 80 properties to sell in Palawan, wherein 73 are available via negotiated sale. The properties include 55 agricultural lots, 15 residential lots, two commercial lots with improvement, and one residential lot with improvement.

These are located in the towns of Aborlan, Bataraza, Brooke’s Point, Narra, Puerto Princesa City, Quezon, and Sofronio Espanola.

Nenita Gayla, corporate executive officer II explained that the properties in Narra will be bid on a cash basis, while negotiated sales may be held for 73 properties. Buyers may submit their offer to buy form and can pay on an installment basis.

“Kaya dumarating sa punto na kapag dumating na ang PDIC na sarado na ang bangko, walang magagawa ang PDIC kung hindi ibenta ang mga naiwan na foreclosed properties. Para ma-convert into cash — at maibayad don sa pinagkakautangan ng bangko,” Gayla said.

Interested buyers may send the bids online through the PDIC e-bidding portal at from 9:00am on June 9 to 01:00 pm on June 10. The bids will be opened at 2:00 pm on June 10 and a one-time registration is required, which may be completed via e-bidding portal at

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

The complete list and description of the properties, requirements, e-bidding process, and Conditions of Bid are posted on the e-bidding portal. Individuals who will buy properties through negotiated sales are required to submit their offers to buy through e-mail at; via mail or courier.

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is one of the senior reporters of Palawan News. She covers agriculture, business, and different feature stories. Her interests are collecting empty bottles, aesthetic earrings, and anything that is color yellow.