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PDIC to bid out Mindanao-based properties on October 3

NEWS/PRESS RELEASE
PR-129-19
Date of Release: September 3, 2019
FOR IMMEDIATE RELEASE

A total of 76 closed banks’ assets, all based in Mindanao, is set to be disposed of by the Philippine Deposit Insurance Corporation (PDIC) via a public bidding on an “as-is, where is” basis on October 3, 2019 at Unit 80, 8th floor Landco Corporate Center, Pryce Business Park, J.P. Laurel Avenue, Brgy. Bajada, Davao City.

Sealed bids shall be accepted from direct buyers only by the PDIC Real and Other Properties Acquired (ROPA) Disposal Committee on October 2, 2019 from 9:00 A.M. until 4:00 P.M. Bids will be opened the following day, October 3, at the same venue starting at 10:00 A.M.

Up for bidding are 49 residential lots, 19 residential lots with improvement, three commercial lots, two commercial lots with improvement and three mixed-use residential/commercial lots with improvement. These properties are located in Agusan del Norte, Agusan del Sur, Bukidnon, Compostela Valley, Davao del Norte, Davao Occidental, Lanao del Norte, Misamis Oriental, South Cotabato and Zamboanga del Norte.

The complete list of properties is posted in the PDIC Assets for Sale site, http://assetsforsale.pdic.gov.ph. Bidders may also access the site through PDIC’s website, www.pdic.gov.ph, by clicking the Assets for Sale icon on its homepage. Prospective bidders may also visit the PDIC Public Assistance Center at the 3rd 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, @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 18, 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.

* * * * *

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


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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
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