The Philippine Deposit Insurance Corporation (PDIC) is set to sell on “as is, where-is” basis 27 real properties and five vehicles with a combined minimum disposal value of P28.35 million in a public bidding scheduled on December 19, 2011. It will be held at the PDIC Training Room, 9/F SSS Bldg., Ayala Avenue, Makati. PDIC will accept bids from 9:00 a.m. to 2:00 p.m. from direct buyers only.

PDIC said that there shall be no extension in the submission of bids. Bidders are likewise advised to come early for the registration.

Up for bidding are 17 residential, seven condominium units, three commercial lots and five vehicles owned by closed banks under PDIC liquidation. The real properties are located in Batangas, Camarines Sur, Misamis Oriental, Rizal, Quezon, and Metro Manila.

The list of assets and their descriptions as well as bid documents can be accessed at the PDIC website, www.pdic.gov.ph, or can be requested from the Asset Disposal and Administrative Department at telephone number 841-4730 (Attention: Ms. Marymer Buising).

Before submitting their bids, prospective buyers are advised to physically inspect the properties, assess and verify the land titles and other related documents; and determine unpaid taxes, fees or expenses. All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid. This can be in the form of either Cash or Manager’s Check or Cashier’s Check, or a combination. Buyers have seven working days from submission of bid to pay the balance.