The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public bidding on November 19, 2013 152 real properties and six bank premises with an aggregate minimum disposal value of P90 million on an “as-is, where-is” basis.

The public bidding will be held at the Bangko Sentral ng Pilipinas (BSP) – Legaspi Branch located in Barangay 18, Rizal Street, Cabagñan, Legaspi City, Albay. Opening of bids will start at 2:00 p.m.

Up for bidding are closed banks’ assets consisting of commercial and residential lots. The properties are located in the various cities and provinces of the Bicol Region including Albay, Camarines Norte, Camarines Sur and Sorsogon.

Under the “as-is, where-is basis” bidding, 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 before submitting their bids.

The PDIC will receive sealed bids only from direct buyers at the bidding venue on November 19, 2013 from 9:00 a.m. to 2:00 p.m. No extension will be given for the submission of bids. Bidders are likewise advised to come at least one hour prior to opening of bids for the registration. The PDIC reserves the right to limit the number of attendees/witnesses to the bidding venue. In addition, bids shall be accepted from Filipino citizens only, or from corporations or associations which are at least 60%-owned by Filipino citizens.

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 commercial bank. The winning bidder is required to pay the balance of the bid price not later than November 28, 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 from the PDIC website, www.pdic.gov.ph.

The list of property descriptions, vicinity maps and lot plans are also available at the PDIC website. For further information, interested bidders may contact Atty. Josette Sonia H. Marcilla or Mr. Dominador V. Rodulfo, Jr. of the Asset Management and Disposal Department I at telephone numbers, (02) 841-4750 or (02) 841-4754.

The conduct of public biddings is in line with the PDIC’s strategic direction to expeditiously dispose non-financial assets, as outlined in its medium-term Roadmap to 2016. As Liquidator of closed banks, PDIC disposes assets acquired from closed banks to benefit the uninsured depositors and creditors by way of helping enhance recovery of their deposits and investments.

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