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PDIC to bid out P1.7-B worth of prime properties on August 11

August 4, 2017

More than 80 condominium units, most with appurtenant parking slots, in prime locations within Metro Manila with aggregate minimum disposal price of PHP1.7 billion are up for sale on August 11, 2017 via a public bidding to be conducted by the Philippine Deposit Insurance Corporation (PDIC). The bidding will be held at the PDIC Training Room, 9th Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City. Sealed bids shall be accepted by the PDIC Real and Other Properties Acquired (ROPA) Committee from direct buyers only between 9:00 A.M. and 2:00 P.M. at the venue.

Interested buyers may choose from among various units including appurtenant parking slots at Exportbank Plaza in Makati City, One McKinley Place in Taguig City, and Victoria Plaza in San Juan City. Also up for bidding are 10 separate parking slots at One McKinley Place. The bidding will be on an “as-is, where-is” basis. Properties for bidding are under the name of the closed Export and Industry Bank and are listed in PDIC’s website, www.pdic.gov.ph., for easy reference.

Prospective buyers 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.

Bids will be opened starting 2:00 P.M. 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 PDIC FAO Export and Industry Bank. The winning bidder should pay the balance of the bid no later than August 22, 2017. The ROPA Disposal Committee shall automatically cancel the award once the issued checks are not cleared.

Bidders are advised 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 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.

Complete description of the properties is available at the PDIC Asset Management and Disposal Group, 7th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City. 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 or 1-800-1-888-7342. Inquiries may also be sent via e-mail at pad@pdic.gov.ph.

The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s Roadmap. PDIC, as liquidator of closed banks, conducts 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.

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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 deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PHP500,000 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.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.


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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability
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