September 19, 2018

The Philippine Deposit Insurance Corporation (PDIC) is set to dispose of a total of 3,326 closed banks’ and corporate assets with an aggregate minimum disposal price of PhP117.2 million via a public bidding on an “as-is, where is” basis. Sealed bids from direct buyers only will be accepted on September 26, 2018 at the Bangko Sentral ng Pilipinas - Cagayan De Oro Branch, National Highway & Velez St., Cagayan de Oro City. Bids will be opened on September 27, 2018 starting 10:00 A.M. at the same venue.

A total of 3,307 memorial lots with combined minimum disposal price of PhP105.8 million will be sold by block. These memorial lots are located at Ma. Christina Gardens, Brgy. Sta. Filomena, Iligan City, Lanao del Norte and at Cagayan de Oro Gardens, Lumbia District, Cagayan de Oro City, Misamis Oriental.

Up for bidding as well are nine residential lots, five residential lots with improvement, two industrial lots, one commercial lot with improvement, and two motor vehicles located in Agusan del Norte, Bukidnon and Surigao del Norte.

The complete list of properties is posted in the PDIC website, www.pdic.gov.ph, under Assets for Disposal. 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 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 15 calendar days from the receipt of the Certificate of Award or not later than October 12, 2018. 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. 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 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, proceeds 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.