The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public bidding on December 3, 2013 a total of 118 units of Automated Teller Machines (ATMs) with an aggregate minimum disposal value of P20.9 million. The public bidding will be held at the PDIC Training Room, 9th Floor, SSS Building, Ayala Avenue corner V.A. Rufino St., Makati City. Opening of bids will start at 2:00 p.m.

The ATM units are properties of closed banks and will be sold on an “as is, where is” basis. Under the “as-is, where-is” basis bidding, prospective buyers are enjoined to physically inspect the ATMs, and examine and verify their condition, before submitting their bids.

The PDIC will receive sealed bids only from direct buyers at the bidding venue on December 3, 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.

All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid in the form of Cash or Manager’s or Cashier’s Check issued by a universal or commercial bank. The winning bidder is required to pay the balance of the bid price not later than December 12, 2013.

Bid forms, copies of the Conditions of Bid and standard formats of the Special Power of Attorney and Secretary’s Certificate may be downloaded from the PDIC website, www.pdic.gov.ph. For further information, interested bidders may contact Mr. Ferdinand M. Beluan or Ms. Lolita M. Lim (Asset Management and Disposal Department II) at telephone numbers, (02) 841-4668, (02) 841-4770, (02) 841-4772 and (02) 841-4777.

The regular conduct of public biddings of 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 benefit the closed banks’ uninsured depositors and creditors.

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