NEWS/PRESS RELEASE
PR-092-19
Date of Release: June 27, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC) will hold a bulk sale of 438 residential lots located in Green Farm Royale Subdivision, Brgy. Pulong Bunga, Silang, Cavite and owned by the closed Accord Savings Bank, Inc. via public bidding.

The bulk sale will be on an “as is, where-is” basis and to be held on July 31, 2019 at the PDIC Training Room, 9th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City. Combined, these residential lots have an estimated total area of 94,514 square meters and an aggregate minimum disposal price of PhP72.4 million.

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.

The complete list of properties is posted in the PDIC website, www.pdic.gov.ph under Assets for Sale. 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. 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 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 30 calendar days from the receipt of the Certificate of Award or not later than August 30, 2019. 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.

Accord Savings Bank, Inc. was ordered closed by the Monetary Board (MB) through Resolution No. 555 dated April 17, 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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC