The Philippine Deposit Insurance Corporation (PDIC) will conduct a public bidding of closed banks' assets on an "as is, where is" basis on October 9, 2014 at the Bangko Sentral ng Pilipinas (BSP) - Cebu Regional Office, Osmeña Boulevard corner P. del Rosario St., Cebu City. Bids should be submitted from 9:00 AM until 2:00 PM. Subject of the public bidding, the third for the year, is a total of 126 residential and commercial lots with aggregate minimum disposal value of P51.57 million.

Before submitting their bids, prospective buyers are enjoined to physically inspect the properties they are interested in, examine and verify their titles and other related documents; and determine any unpaid taxes, fees and/or expenses, and all other expenses and charges relative to the transfer of title from the named owner to the bidder. Buyers are advised to conduct due diligence on the condition, status and ownership of the properties and verify with the concerned registries or government agencies. The list of properties and descriptions is also available through the PDIC Property Finder in the PDIC website, www.pdic.gov.ph. In order to comply with the 2:00 PM deadline for the submission of bids, bidders are enjoined to come at least one hour earlier to register. Bidders and observers must present their valid identification (ID) cards to be allowed entry to the bidding venue. The PDIC reserves the right to limit attendees and witnesses to the bidding.

Each bid must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid, either in cash or Manager's or Cashier's Check or a combination thereof. Manager's and Cashier's Checks should be 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 October 20, 2014. Awarding of the property is automatically cancelled if checks are not cleared.

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.

The PDIC regularly conducts public biddings to expeditiously dispose 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 of closed banks. Assets not sold during the bidding are disposed through negotiated sale. Sales proceeds form part of the liquid assets of the bank and are eventually distributed to uninsured depositors and creditors.

For more information on the October 9 public bidding, interested bidders may call Atty. Josette Sonia H. Marcilla (Asset Management and Disposal Department I) at telephone numbers (02) 841-4750 or 841-4754, or email inquiries to ropa@pdic.gov.ph.

* * * * *