The Philippine Deposit Insurance Corporation (PDIC) is set to dispose via public bidding on an “as-is, where is” basis, a total of 75 closed banks’ and corporate assets with an aggregate minimum disposal price of P78 million.

The bidding will be held on May 29, 2018 at the PDIC Training Room, 9th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City.

Sealed bids shall be accepted by the PDIC Real and Other Properties Acquired (ROPA) Disposal Committee from direct buyers only between 9 a.m. and 1:45 p.m. at the venue. Bids will be opened at 2 p.m.

Up for bidding are 40 residential lots, 31 residential lots with improvements, three commercial lots with improvements, and a road lot which will be sold with five residential lots. The properties are located in Metro Manila, Aklan, Albay, Bataan, Batangas, Camarines Sur, Cavite, Negros Oriental, Quezon, and Rizal. The complete list of properties is posted in the PDIC website, www.pdic.gov.ph. Prospective bidders may also visit the Asset Management and Disposal Group at the 7th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City for details on the assets.

For further information, interested buyers may call the PDIC Public Assistance Department at (02) 841-4630 to 31. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888- PDIC or1-800-1-888-7342. Inquiries may also be sent via e-mail to pad@pdic.gov.ph or by privatemessage to PDIC’s Facebook page, @OfficialPDIC.

Each bid should be accompanied by a bond/deposit equivalent to at least 10% of the submitted bid, in cash or Manager’s Check, or a combination thereof. The Manager’s Check should be issued by a reputable universal or commercial bank and payable to “Philippine Deposit Insurance Corporation” or “PDIC.” The winning bidder should pay the balance of the bid/purchase price in full within 15 calendar days from the receipt of the Certificate of Award or not later than June 13, 2018. The PDIC ROPA Disposal Committee shall automatically cancel the award once the issued checks are not cleared.

Bidders are advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids. Bidders are likewise required to bring proper identification document (ID) with photo and to register at least one hour prior to the deadline for submission of bids. Bid documents such as Bid Forms, Conditions of Bid, and the required format of the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC website, www.pdic.gov.ph. PDIC reserves the right to withdraw without prior notice any or all of the properties offered for sale any time before the deadline for submission of bids.

The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s Roadmap. PDIC, as liquidator of closed banks, holds various asset disposal initiatives such as biddings, auctions, and negotiated sale. Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with 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. Meanwhile, gains 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. (PR)