The Philippine Deposit Insurance Corporation (PDIC) will conduct a public auction on March 24, 2015 to sell on an "as-is, where-is" basis 130 real and other properties acquired (ROPA) by closed banks with total minimum disposal value of P64.3 million.

The auction will be held at the 9th Floor, PDIC Training Room, SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City from 9:00 a.m. to 2:00 p.m. Properties to be auctioned are seven bank premises and 123 agricultural and residential lots, of which 33 are with improvements. These are located in the provinces of Albay, Batangas, Cavite, Camarines Norte, Camarines Sur, Cebu, Eastern Samar, Leyte, Marinduque, Negros Oriental, Occidental Mindoro, Oriental Mindoro, Palawan, Quezon and Rizal.

Bidders are advised to be at the venue at least one hour prior to the opening of bids to register, submit requirements and to present proper identification document (ID) with photo. Documentary requirements such as Auction Forms, Conditions of Auction, 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.

A participation fee in the amount of P25,000.00 either in cash and/or Manager's check is required of all bidders. The fee shall be returned to non-winning bidders at the end of the auction. In the case of the winning bidder, the participation fee will form part of the 10% required downpayment and purchase price. The balance of the bid must be paid in full within seven working days from receipt of the Notice of Award.

For more information, interested buyers may contact Atty. Josette Sonia H. Marcilla and Ms. Cecilia C. Canuza (Asset Management and Disposal Department I) at telephone numbers 841-4754 or 841-4750.

The conduct of public auctions is one of various initiatives together with public biddings and negotiated sale to expeditiously dispose of non-financial assets. Proceeds from the sale of closed banks' assets are maintained in funds-held-in-trust used to enhance the recovery of uninsured depositors and creditors of closed banks. The expeditious disposal of non-financial assets is among the strategic directions outlined in the PDIC's Roadmap to protect the depositing public and promote financial stability.

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