PDIC to bid out assets worth P46.73 M on September 27

The Philippine Deposit Insurance Corporation (PDIC) will sell via public bidding on an “as-is, where-is” basis up to 91 real properties with an aggregate minimum disposal value of P46.73 million on September 27, 2013.  The public bidding will be held at the PDIC Training Room, 9^th Floor, SSS Building, Ayala Avenue corner V.A. Rufino St., Makati City. Opening of bids will start at 2:00 p.m. 

The real properties consist of two former bank premises, one condominium unit and 88 residential lots, some of which have improvements.  The properties are located in Metro Manila and in the provinces of Ilocos Sur, La Union, Pangasinan, Isabela, Nueva Ecija, Tarlac, Bataan, Bulacan, Zambales, Pampanga and Rizal. 

The PDIC will receive sealed bids from direct buyers only on September 27, 2013 from 9:00 a.m. to 2:00 p.m. No extension will be given for the submission of bids. Bidders are advised to come at least one hour prior to the opening of bids to register and submit the requirements. 

The properties shall be sold on an “As-is, Where-Is” basis. Hence, before submitting their bids, prospective buyers are advised to physically inspect the properties they are interested to buy; assess and verify the land titles and other documents; and determine unpaid taxes, fees or expenses. All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid either in Cash or Manager’s or Cashier’s Check issued by a universal or reputable commercial bank. The winning bidder is required to pay the balance of the bid price not later than October 8, 2013. 

Bid documents such as Bid Forms, Conditions of Bid, and acceptable formats for the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC website, www.pdic.gov.ph. 

For property details, vicinity maps, lot plans and other information, interested bidders may contact Mr. Polo L. Pantaleon, Jr. or Ms. Ma. Jozzenne Claire B. Carandang (Asset Management and Disposal Department III) at telephone numbers 841-4665 or 841-4671. 

The regular conduct of public biddings of corporate and closed banks’ assets is in line with the PDIC’s strategic direction of expeditious disposal of non-financial assets as outlined in PDIC’s medium-term Roadmap to 2016. This is also in support of PDIC’s mandate as Liquidator of closed banks. The PDIC converts the closed banks’ assets into cash either through public biddings or negotiated sale to maximize recovery and facilitate distribution of assets to closed banks’ uninsured depositors and creditors.

The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually owned deposit account.