The Philippine Deposit Insurance Corporation (PDIC) will dispose on an "as-is, where-is" basis a total of 81 real properties acquired by the Corporation and owned by closed banks through sealed bidding on March 17, 2016. Interested buyers may submit their bids to the Real and Other Properties Acquired (ROPA) Disposal Committee Secretariat at the Penthouse, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City from 9:00 a.m. to 2:00 p.m. Bids will be opened at 2:00 p.m.

Up for bidding are real properties located in Batangas, Cavite, Cebu, Laguna, Misamis Oriental, Northern Samar, Pangasinan and Quezon with combined minimum disposal price of PHP241.97 million.

Bidders are advised to bring proper identification document (ID) with photo and to register at least one hour prior to the deadline of submission of bids. Bid documents such as Bid Forms, Conditions of Bid, and standard format of the Special Power of Attorney and Secretary's Certificate may be downloaded free of charge from the PDIC website, www.pdic.gov.ph.

Prospective buyers are also advised to physically inspect the properties they are interested in, examine and verify the titles and other documents, and determine any unpaid taxes, fees and/or expenses before submitting their bids.

Each bid should be accompanied by a bond/deposit equivalent to at least 10% of the submitted bid, in cash or Manager's or Cashier's Check, or a combination thereof, issued by a universal or reputable commercial bank and payable to PDIC. The winning bidder should pay the balance of the bid no later than March 30, 2016.

The expeditious conversion and resolution of assets is among the objectives outlined in PDIC's strategic directions. PDIC, as liquidator of closed banks, conducts various asset-disposal initiatives such as biddings, auctions and negotiated sale. Proceeds from the sale of closed banks' properties are used to increase the chances of recovery of uninsured depositors and creditors of their trapped funds while gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC's main fund source for payment of valid deposit insurance claims.

For more information on the real properties and on the sealed bidding, interested parties may get in touch with the ROPA Disposal Committee Secretariat at telephone number (02) 841-4000 local 4747 or 4748.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.