PDIC to bid out PHP93-M worth of assets on February 15
February 1, 2018
The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public bidding, on an “as-is, where is” basis, assets with aggregate minimum disposal price of PHP93.3 million. The bidding will be held on February 15, 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) Committee from direct buyers only between 9:00 A.M. and 1:45 P.M. at the venue. Bids will be opened at 2:00 P.M.
Up for bidding are closed banks’ assets and acquired assets by PDIC comprising one agricultural lot, one mixed-use agricultural/residential lot, two commercial lots, 29 residential lots, 46 residential lots with improvements, 10 motor vehicles, two generator sets and a fishpond. Available residential lots with improvements include one worth PHP10.8 million located in Parañaque City, and two properties located in Quezon City with combined worth of PHP8.7 million.
The properties are located in Metro Manila and in the provinces of Batangas, Bulacan, Cavite, Ilocos Sur, Laguna, Misamis Oriental, Nueva Ecija, Pampanga and Rizal. The fishpond is in Malabon City. 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 or 1-800-1-888-7342. Inquiries may also be sent via e-mail at email@example.com.
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 days or no later than March 2, 2018. If the date falls on a Saturday or Sunday, the winning bidder must pay the balance on the next working day. 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. They are 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 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.
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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.