The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public auction on an “as-is, where-is” basis 109 vehicles and 10 generator sets owned by various closed banks with an aggregate minimum disposal value of about P36.98 million on March 25, 2014. The bidding, the first for the year, will be held at the Skylounge, Exportbank Plaza, Chino Roces cor. Sen. Gil Puyat Ave., Makati City from 8:00 a.m. to 5:00 p.m.

Before submitting their bids, prospective buyers are advised to physically inspect the properties they are interested to buy. The list of property descriptions is also available through the PDIC website. Bidders and observers are enjoined to present a valid identification (ID) card with photo to be allowed entry to the bidding area.

All bidders are required to pay a refundable registration fee of P5,000 which may be in the form of cash, Manager’s or Cashier’s Check, or personal and/or corporate checks issued by a universal or reputable commercial bank payable to the Philippine Deposit Insurance Corporation for the Account of (Name of Closed Bank).

A 10% bid deposit will be required for each property won in the auction. Bidders may opt to pay a higher bid deposit or the full amount of the bid. The payment of the bid deposit shall be made within the day of the auction.

The P5,000 registration fee shall be applied to the bid deposit.

In the event the winning bidder fails to comply with any of the terms and conditions of the award, the registration fee and/or the bid deposit shall be forfeited in favor of the owner of the property without need for further notice.

If the bid is a losing bid, the registration fee shall be returned as soon as possible after the auction without interest, and in the form at which payment was made.

Auction documents, Conditions of Auction, and acceptable formats for the Special Power of Attorney and Secretary’s Certificate may be downloaded from the PDIC website, www.pdic.gov.ph. Interested buyers are encouraged to visit the PDIC’s Property Finder in its website for a list of available properties for sale.

Properties not sold during public biddings shall be available for negotiated sale.

The regular conduct of public biddings aims to expeditiously dispose of non-financial assets, one of the strategic directions outlined in the PDIC’s Roadmap to 2016. As Liquidator of closed banks, the PDIC bids out assets acquired from closed banks and the proceeds from sale are used to enhance the recovery of deposits and investments of uninsured depositors and creditors.

For more information, interested bidders may call Mr. Ferdinand M. Beluan or Ms. Lolita M. Lim at telephone numbers (02) 841-4668 or (02) 841-4770.

* * * * *