August 22, 2017

The Philippine Deposit Insurance Corporation (PDIC) will conduct a public bidding on August 31, 2017 for the sale of eight condominium units and eight parking slots located in Madrigal Business Park, Ayala Alabang, Muntinlupa City. The bidding will be held at the Penthouse of the SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City. Sealed bids shall be accepted by the PDIC Real and Other Properties Acquired (ROPA) Committee from direct buyers only between 9:00 A.M. and 2:00 P.M. at the venue.

The properties have an aggregate minimum disposal price of PHP69.5 million. The bidding will be on an “as-is, where-is” basis. Properties for bidding are under the name of the closed Export and Industry Bank and are listed in PDIC’s website, www.pdic.gov.ph., for easy reference.

Prospective buyers are advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.

Bids will be opened starting 2:00 P.M. Each bid should be accompanied by a bond/deposit equivalent to at least 10% of the submitted bid, in cash or Manager's Check, or a combination thereof. The Manager’s Check should be issued by a reputable universal or commercial bank and payable to PDIC FAO Export and Industry Bank. The winning bidder should pay the balance of the bid no later than September 11, 2017. The PDIC Real and Other Properties Acquired (ROPA) Disposal Committee shall automatically cancel the award once the issued checks are not cleared.

Bidders are advised to bring proper identification document (ID) with photo and to register at least one hour prior to the deadline for submission of bids. Bid documents such as Bid Forms, Conditions of Bid, and required 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 withdraw without prior notice any or all of the properties offered for sale any time before the deadline for submission of bids.

Complete description of the properties is available at the PDIC Asset Management and Disposal Department II, 7th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City. For further information, interested buyers may call the PDIC Public Assistance Department at (02) 841-4630 to 31. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888-PDIC or 1-800-1-888-7342. Inquiries may also be sent via e-mail at pad@pdic.gov.ph.

The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s Roadmap. PDIC, as liquidator of closed banks, conducts various asset disposal initiatives such as biddings, auctions and negotiated sale. Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits. The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.

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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 deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PHP500,000 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.