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PDIC to bid out PHP52-M worth of assets on March 15, 2018

March 2, 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 PHP52 million. The bidding will be held on March 15, 2018 at the Bangko Sentral ng Pilipinas, San Fernando Branch, Greenfields Subd., Mac Arthur Highway, Sindalan, San Fernando City, Pampanga.

Sealed bids shall be accepted by the PDIC Real and Other Properties Acquired (ROPA) Disposal 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 130 closed banks’ assets and acquired assets by PDIC consisting of 123 real properties and seven transportation equipment. Real properties comprise three agricultural lots, one mixed-use agricultural/residential lot, one mixed-use residential/commercial lot, 38 residential lots, and 80 lots with improvement. Of the 80 lots with improvement, 75 are residential, three are commercial lots, one is a mixed-use agricultural/residential lot and one is institutional. The properties are located in Abra, Baler, Bataan, Benguet, Bulacan, Ilocos Sur, La Union, Nueva Ecija, Pampanga, Pangasinan, Tarlac and Zambales. 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 pad@pdic.gov.ph or through private message at PDIC’s official facebook account at www.facebook.com/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 or not later than March 30, 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.


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