PDIC to hold public bidding on Sept. 6

A total of 70 closed banks’ assets with an aggregate minimum disposal price of P56 million is set to be disposed by the Philippine Deposit Insurance Corp. (PDIC) via a public bidding on an “as-is, where is” basis.

The bidding will be held on Sept. 6 at the PDIC Training Room, SSS Bldg., 6782 Ayala Ave. corner Rufino St., Makati City.

Sealed bids will 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.. at the venue. Bids will be opened at 2 p.m.

Up for bidding are 30 residential lots, 28 residential lots with improvement, four commercial lots with improvement, one residential condo unit, one mixed-use residential/agricultural lot, one mixed-use residential/agricultural lot with improvement, one mixed- use commercial/residential lot, two transportation equipment, one generator set and a fishpond. The list of properties are posted on the PDIC website.

Each bid should be accompanied by a bond/deposit equivalent to at least 10 percent of the submitted bid, in cash or manager’s check, or a combination of both. The manager’s check should be issued by a reputable universal or commercial bank 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 Sept. 21. The PDIC ROPA Disposal Committee will 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 documents (ID) with photo and to register at least one hour prior to the deadline for submission of bids.

PDIC said it 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.

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.