Philippine Deposit Insurance Corporation Official Website

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PDIC to hold sealed bidding on June 30

The Philippine Deposit Insurance Corporation (PDIC), through its Real & Other Properties Acquired (ROPA) Disposal Committee, is set to sell on an "as-is, where-is" basis various assets of closed banks and of PDIC by way of sealed bidding on June 30, 2015 from 9:00 am to 2:00 pm at the 9th floor PDIC Training Room, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City. Sealed bids will be accepted from direct buyers only and will be opened at 2:00 pm.

To be auctioned are 126 real properties located in Aklan, Albay, Baguio City, Batangas, Bulacan, Camarines Norte, Camarines Sur, Cavite, Laguna, La Union, Marinduque, Masbate, Misamis Occidental, Negros Occidental, Negros Oriental, Nueva Ecija, Palawan, Pangasinan, Zamboanga Peninsula and Metro Manila.

Bidders are advised to bring proper identification (ID) with photo and to come at least one hour earlier than the 2:00 pm deadline for submission of bids to allow enough time for registration. 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 .

PDIC reserves the right to limit attendees and witnesses to the bidding venue.

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 the form of cash or Manager's or Cashier's Check or a combination and issued by a universal or reputable commercial bank payable to PDIC. The winning bidder should pay the balance of the bid price no later than July 9, 2015. Award for winning bids will be automatically cancelled if checks are not cleared.

Regular conduct of biddings and auctions is undertaken to expeditiously dispose of non-financial assets, one of the strategic directions outlined in the PDIC's Roadmap. As Liquidator of closed banks, the PDIC disposes assets of closed banks. Proceeds from sale are maintained in funds-held-in-trust for closed banks, which are used to settle claims of uninsured depositors and creditors. Meanwhile, proceeds from disposal of corporate properties are added to the Deposit Insurance Fund (DIF), which is the funding source for deposit insurance claims payment.

For more information on the June 30 bidding, interested bidders may get in touch with the PDIC Asset Management and Disposal Group (Attention: Atty. Josette Sonia H. Marcilla at telephone numbers (02) 841-4000 local 4750 or 4754).

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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.

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PDIC is a government instrumentality created in 1963
by virtue of Republic Act 3591, as amended, to insure
the deposits of all banks. PDIC exists to protect
depositors by providing deposit insurance coverage for the depositing public and help promote financial stability. PDIC is an attached agency of the Bangko Sentral ng Pilipinas.

Questions? Need Help? Click Frequently Asked Questions Trunkline.: (632) 8841-4000
Hotline: (632) 8841-4141
(for Metro Manila clients)
Fax No.: (632) 8841-4085
Email: pad@pdic.gov.ph
Client outside Metro Manila may call
Toll Free: 1-800-1-888-7342 or
1-800-1-888-PDIC