PDIC to hold sealed bidding for 126 properties

PDIC to hold sealed bidding for 126 properties
The bidding will be held on June 30 and will benefit uninsured depositors and creditors of closed banks

MANILA, Philippines – Government-run Philippine Deposit Insurance Corporation (PDIC), through its Real & Other Properties Acquired (ROPA) Disposal Committee, is set to sell on an “as-is, where-is” basis, various assets of closed banks and of PDIC by way of sealed bidding.

To be auctioned are 126 real properties located in Aklan, Albay, Baguio City, Batangas, Bulacan, Camarines Norte, Camarines Sur, Cavite, Laguna, La Union, Marinduque, Masbate, Misamis Occidental, Negros Occidental, Negros Oriental, Nueva Ecija, Palawan, Pangasinan, Zamboanga Peninsula and Metro Manila.

The auction will take place on June 30, 2015 from 9:00 am to 2:00 pm at the 9th floor PDIC Training Room, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City.

Sealed bids will be accepted from direct buyers only and will be opened at 2:00 pm.

The PDIC conducts biddings and auctions to expeditiously dispose of non-financial assets, one of the strategic directions outlined in the PDIC’s Roadmap.

As Liquidator of closed banks, the PDIC disposes assets of closed banks. Proceeds from sale are maintained in funds-held-in-trust for closed banks, which are used to settle claims of uninsured depositors and creditors.

Meanwhile, proceeds from disposal of corporate properties are added to the Deposit Insurance Fund (DIF), which is the funding source for deposit insurance claims payment.

Bid guidelines

The PDIC said that each bid should be accompanied by a bond/deposit equivalent to at least 10% of the submitted bid, in the form of cash or Manager’s or Cashier’s Check or a combination and issued by a universal or reputable commercial bank payable to PDIC.

Bidders are advised to bring proper identification (ID) with photo and to come at least one hour earlier than the 2:00 pm deadline for submission of bids to allow enough time for registration.

Bid documents such as Bid Forms, Conditions of Bid, and standard format of the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC website.

PDIC reserves the right to limit attendees and witnesses to the bidding venue.

Prospective buyers are also advised to physically inspect the properties they are interested in, examine and verify the titles and other documents, and determine any unpaid taxes, fees and/or expenses before submitting their bids.

The winning bidder should pay the balance of the bid price no later than July 9, 2015. Award for winning bids will be automatically cancelled if checks are not cleared.

Interested bidders may get in touch with the PDIC Asset Management and Disposal Group (Attention: Atty. Josette Sonia H. Marcilla at telephone numbers (02) 841-4000 local 4750 or 4754) for more information. – Rappler.com


Miniature house image via ShutterStock

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