The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public bidding on an “as-is, where-is” basis, 75 real properties with an aggregate minimum disposal value of P59.95 million on July 30, 2013. The bidding is the second for the year. It will be held at the PDIC Training Room, 9th Floor, SSS Building, Ayala Avenue corner V.A. Rufino Street, Makati CIty. Opening of bids will start at 2:00 p.m.

The real properties consist of eight commercial and 66 residential lots, some of which have improvements. The properties are located in Metro Manila and in the provinces of Batangas, Camarines Norte, Cavite, Laguna, Pangasinan and Quezon. An agricultural lot (with certificate of non-CARP coverage) in Aroroy, Masbate will also be bidded out.

The PDIC will receive sealed bids from direct buyers only on July 30, 2013 from 9:00 a.m. to 2:00 p.m. No extension will be given for the submission of bids. Bidders are advised to come at least one hour prior to the opening of bids to register and submit the requirements.

The properties shall be sold on an “As-is, Where-Is” basis. Hence, before submitting their bids, prospective buyers are advised to physically inspect the properties they are interested to buy; assess and verify the land titles and other documents; and determine unpaid taxes, fees or expenses. All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid either in Cash or Manager’s or Cashier’s Check issued by a universal or reputable commercial bank. The winning bidder is required to pay the balance of the bid price not later than August 8, 2013.

Bid documents such as Bid Forms, Conditions of Bid, and acceptable formats for the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC website, www.pdic.gov.ph.

For property details, vicinity maps, lot plans and other information, interested bidders may contact Ms. Josette Sonia H. Marcilla or Mr. Ariel M. Alcoba (Asset Management and Disposal Department) at telephone numbers, 841-4750 or 841-4754.

The regular conduct of public biddings of corporate and closed banks’ assets is in line with the PDIC’s strategic direction of expeditious disposal of non-financial assets as outlined in PDIC’s medium-term Roadmap to 2016. This is also in support of PDIC’s mandate as Liquidator of closed banks. The PDIC converts the closed banks’ assets into cash either through public biddings or negotiated sale to maximize recovery and facilitate distribution of assets to closed banks’ uninsured depositors and creditors.

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