The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public bidding on an “as-is, where-is” basis a total of 186 commercial and residential lots owned by various closed banks and the PDIC with an aggregate minimum disposal value of about P319.35 million on July 1, 2014. The public bidding, the second for the year, will be held at the PDIC Training Room, 9th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, starting at 9:00 a.m. until 2:00 p.m.

The list of property descriptions is available through the PDIC’s Property Finder at its website, www.pdic.gov.ph. The properties up for bidding are located in the cities of Caloocan, Las Piñas, Pasay, Parañaque and Baguio; and in the provinces of Aklan, Albay, Batangas, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Cavite, Cebu, Ilocos Norte, Iloilo, Laguna, Nueva Ecija, Occidental Mindoro, Oriental Mindoro, Pampanga, Pangasinan, Quezon, Rizal, Romblon, Samar, Sorsogon and Tarlac.

Before submitting their bids, prospective buyers are advised to physically inspect the properties they are interested to buy. Bidders are enjoined to present a valid identification (ID) card with photo to be allowed entry into the bidding area. Sealed bids will be accepted from direct buyers only. The deadline for submission of bids is at 2:00 p.m. and participating bidders are advised to come at least one hour earlier to register.

Each bid must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid. This should be in the form of cash or Manager’s or Cashier’s Check (or a combination thereof) issued by a universal or a reputable commercial bank.

The winning bidder is required to pay the balance of the bid price not later than July 10, 2014. Checks should be cleared, otherwise the awarding of the property Is automatically cancelled.

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

Public biddings aim 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 the sale are used to enhance the recovery of uninsured depositors and creditors. Meanwhile, proceeds from the sale of PDIC’s corporate assets are added into the Deposit Insurance Fund, the Corporation’s main fund source for payout of deposit insurance claims.

For more information, interested bidders may call Atty. Josette Sonia H. Marcilla or Mr. Polo L. Pantaleon, Jr. at telephone numbers (02) 841-4750, 841-4754, 841-4665 or 841-4671, or email at ropa@pdic.gov.ph.

* * * * *