Philippine Deposit Insurance Corporation Official Website

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PDIC to hold sealed bidding on August 4

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 by way of sealed bidding on August 4, 2015 from 9:00 A.M. to 2:00 P.M. 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 P.M.

To be auctioned are 76 real properties located in Baguio City, Bulacan, Cavite, Nueva Ecija, Rizal and Metro Manila.

Bidders are advised to bring proper identification (ID) with photo and to register at least one hour earlier than the 2:00 P.M. deadline for 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 the form of cash or Manager's or Cashier's Check, or a combination thereof, 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 August 13, 2015. Award for winning bids will be automatically cancelled if checks are not cleared.

PDIC, as liquidator of closed banks, regularly conducts biddings and auctions to expeditiously dispose of non-financial assets of closed banks. Proceeds from sale are used to settle claims of uninsured depositors and creditors.

For more information on the August 4 bidding, interested bidders may get in touch with the PDIC Asset Management and Disposal Group (Attention: Atty. Jozzenne Claire B. Carandang at telephone numbers (02) 841-4000 locals 4671 or 4667). The list of properties included in the bidding can also be viewed at the PDIC website, www.pdic.gov.ph.

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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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