February 15, 2018

A total of 438 residential lots in Silang, Cavite will be up for bulk sale on February 19, 2018. The Philippine Deposit Insurance Corporation (PDIC) is set to dispose of these residential lots with a total area of 94,514 square meters through public bidding to be held at the PDIC Training Room, 9th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City. PDIC said that a reserve price has been set for these lots and bidders are instructed to submit their best offer.

According to PDIC President Roberto B. Tan, this is the first time that PDIC will conduct a bulk sale. “Not only will the bulk sale approach reduce administrative cost in liquidation, it will also engage other markets for asset disposal. A number of real estate developers have shown interest in the bulk sale of properties. There are also prospects for partnerships between former owners of the properties and those who will finance the bulk acquisition. This is a welcome development that we hope to tap into to hasten liquidation of similarly situated closed banks assets,” President Tan said.

The lots comprise about 70% of the entire Real and Other Properties Acquired (ROPA) portfolio of the closed Accord Savings Bank, Inc., and are located in Green Farm Royale Subdivision, Barangay Pulong Bunga, Silang, Cavite. Sealed bids shall be accepted by the PDIC ROPA Disposal Committee from direct buyers only between 9:00 A.M. and 1:45 P.M. at the venue. Bids will be opened at 2:00 P.M.

The complete list of properties is posted in the PDIC website, www.pdic.gov.ph. Prospective bidders may also visit the Asset Management and Disposal Group at the 7th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City for details on the residential lots. 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 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 Philippine Deposit Insurance Corporation or PDIC. The PDIC ROPA Disposal Committee shall issue a Certificate of Award to the winning bidder upon approval of the PDIC Board. From receipt of the Certificate of Award, the winning bidder should pay the balance of the bid/purchase price in full within 30 calendar days. If the date falls on a Saturday or Sunday, the balance should be paid on the next working day. The PDIC ROPA Disposal Committee shall automatically cancel the award once the issued checks are not cleared.

Bidders are advised to physically inspect said residential lots, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids. They are required 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.

Accord Savings Bank, Inc. was ordered closed on April 17, 2009. Proceeds from the sale of these residential lots as well as the bank’s other assets will be added to the pool of liquid assets of the closed Accord Savings Bank, Inc. for distribution to its uninsured depositors and 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.