May 8, 2017

More than a hundred assets with combined minimum disposal value of PHP1.7 billion are up for sale on May 16, 2017, when the Philippine Deposit Insurance Corporation (PDIC) holds its biggest public bidding thus far.

Interested buyers may choose from residential and commercial properties which include various condominium units with parking slots at Exportbank Plaza in Makati City, One McKinley Place in Taguig City, and Victoria Plaza in San Juan City. Also up for bidding are 10 parking slots at One McKinley Place. Meanwhile, there are also vacant residential lots and commercial properties with improvements for bidding which are located in Metro Manila and in the provinces of Albay, Bulacan, Camarines Norte, Camarines Sur, Cavite, Leyte, Nueva Ecija, Negros Oriental, Pangasinan, Quezon, and Tarlac. Two motor vehicles, a Hyundai Tucson and Nissan Pathfinder, are also offered in the bidding.

The bidding will be on an “as-is, where-is” basis. Prospective buyers are also advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.

Interested buyers may submit their sealed bids to the PDIC Real & Other Properties Acquired (ROPA) Disposal Committee Secretariat at the 9th Floor PDIC Training Room, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City on May 16, 2017, from 9:00 a.m. to 2:00 p.m. Bids will be opened starting 2:00 p.m. Each bid should be accompanied by a bond/deposit equivalent to at least 10% of the submitted bid, in cash or Manager's Check, or a combination thereof. The Manager’s Check should be issued by a reputable universal or commercial bank and payable to PDIC. The winning bidder should pay the balance of the bid no later than May 25, 2017.

PDIC also clarified that the Value Added Tax (VAT) corresponding to the bid price of PDIC-owned properties shall be shouldered by and collected from the winning bidder in addition to the bid price in accordance with Bureau of Internal Revenue (BIR) Revenue Regulations No. 16-2011 dated October 27, 2011.

Bidders are advised to bring proper identification document (ID) with photo and to register at least one hour prior to the deadline for submission of bids. Bid documents such as Bid Forms, Conditions of Bid, and required 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.

The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s Roadmap. 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 added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits. The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds. Meanwhile, 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.

Interested parties may get in touch with the ROPA Disposal Committee Secretariat at telephone number (02) 841-4747 or (02) 841-4748 for more information.

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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 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.