The Philippine Deposit Insurance Corporation (PDIC) is set to sell on an "as-is, where-is" basis corporate and closed banks' assets with an aggregate minimum disposal price of P22.7 million through a public auction on October 1, 2015 to be held at the 9th Floor PDIC Training Room, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City from 9:00 a.m. to 2:00 p.m. Auction starts at 2:00 p.m.

Included in the public auction is a 35,842 sqm. PDIC property consisting of 10 contiguous vacant residential lots in General Santos City at a minimum lot price of P14.3 million, and various generator sets and auto shop and transportation equipment.

Bidders for the public auction are advised to bring proper identification (ID) with photo and to register at least one hour prior to start of the submission of auction. 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 participating in the auction. Interested bidders are required to submit a participation fee of P25,000 in the same payment form. Said amount will be deducted from the bid of the winning participant or returned to a losing participant immediately after the bidding. The winning bidder should also be ready to pay the required 10% down payment, if declared the highest bidder, and should pay the balance of the bid price/purchase price in full, within seven (7) working days from the receipt of Certificate of Highest Bid.

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

For more information on the public auction, interested parties may get in touch with the PDIC Real and Other Properties Acquired (ROPA) Disposal Committee Secretariat at telephone number (02) 841-4000 local 4747 or 4748.

* * * * *