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PDIC to hold bulk sale of 270 Quezon residential lots for PhP18.6-M

September 17, 2018

A total of 270 residential lots located in Greenville Subdivision, Brgy. Lusacan, Tiaong, Quezon and owned by the closed Winbank, Inc. (A Thrift Bank) will be disposed of through bulk sale on October 16, 2018. Combined, these residential lots have an estimated total area of 37,138 square meters and an aggregate minimum disposal price of PhP18.6 million. The Philippine Deposit Insurance Corporation (PDIC) will sell these via a public bidding on an “as-is, where-is” basis to be held 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) 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.

Prospective bidders may visit the PDIC website at www.pdic.gov.ph and the Asset Management and Disposal Group at the 7th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City for information on the bulk sale. 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 to pad@pdic.gov.ph or by private message to PDIC’s Facebook page, @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 30 calendar days from the receipt of the Certificate of Award. The PDIC ROPA Disposal Committee shall automatically cancel the award once the issued checks are not cleared.

Bidders are advised to conduct due diligence on the condition, status and ownership of the properties and make the appropriate inquiries or verification with the applicable registries or government agencies and units and other entities. Bidders are likewise 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 the 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 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.

Winbank, Inc. (A Thrift Bank) was ordered closed by the Monetary Board (MB) through Resolution No. 644 dated April 30, 2009.

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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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