April 30, 2018

The Philippine Deposit Insurance Corporation (PDIC) is set to hold separate public biddings of corporate and closed banks’ assets next month in Makati City and in Cabanatuan City. The properties will be bid out on an “as-is, where-is” basis. 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. on designated dates at the respective venues.

Public bidding in Cabanatuan City on May 24 (Click here to view properties for bidding)

The first public bidding is set on May 24, 2018 to be held at the Bangko Sentral ng Pilipinas (BSP) - Cabanatuan Branch located at Del Pilar and Paco Roman Streets, Cabanatuan City. This involves the sale of 151 ROPA owned by various closed banks with combined minimum disposal price of PHP48 million. The ROPA, consisting of residential and commercials lots, and a road right of way which will be sold with three residential lots, are located in Bataan, Bulacan, Ilocos Norte, Nueva Ecija, Pampanga, Pangasinan, Tarlac and Zambales.

Public bidding in Makati City on May 29 (Click here to view properties for bidding)

The second public bidding on May 29, 2018 will be for the sale of 75 ROPA owned by closed banks and PDIC with an aggregate minimum disposal price of PHP78 million. To be held at the PDIC Training Room, 9th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City, the ROPA, consisting of commercial and residential lots, and a road lot which will be sold with five (5) residential lots, are located in Metro Manila, Aklan, Albay, Bataan, Batangas, Camarines Sur, Cavite, Negros Oriental, Quezon and Rizal.

For the complete list of properties, bidders may check the PDIC 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 at 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 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 no later than June 8, 2018 for the May 24 public bidding, and no later than June 13, 2018 for the May 29 public bidding. The PDIC 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.

The list and complete description of the properties are available from 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 or by private message to PDIC’s Facebook page, @OfficialPDIC.

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. 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.