The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public bidding on an “as-is, where-is” basis 178 real properties with aggregate minimum disposal value of about P181.5 million on November 8, 2012. Venue of bidding will be at the PDIC Training Room, 9th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City. Opening of bids will start at 2:00 p.m.

The disposal of closed banks’ assets is a responsibility of the PDIC as Liquidator of closed banks. The PDIC continues to pursue the disposal of assets consistent with its Roadmap to 2016 of liquidating non-financial assets to benefit the creditors of closed banks.

Up for bidding are 173 residential lots and five commercial lots. The commercial lots are located in South Cotabato and Zamboanga del Sur while the residential lots are located in various provinces.

The list of assets and their descriptions can be accessed at the PDIC website, www.pdic.gov.ph. Inquiries may be coursed through Vice President Rosario C. Arnaldo (Asset Management and Disposal Group) at telephone numbers 841-4650 or 841-4651.

The PDIC will receive sealed bids only from direct buyers on November 8, 2012 from 9:00 a.m. to 2:00 p.m. No extension will be given for the submission of bids. Bidders are likewise advised to come early for the registration. Only bidders will be allowed entry to the venue.

Before submitting their bids, prospective buyers are advised to physically inspect the properties that they are interested to buy; assess and verify the land titles and other 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 either in Cash or Manager’s Check or Cashier’s Check issued by a universal or reputable commercial bank, or a combination thereof.

PDIC has posted “For sale” signs in public and strategic areas within the localities. In addition to property descriptions, the vicinity maps and lot plans are also available through the PDIC website.

Bid documents such as Bid Forms, Conditions of Bid, and acceptable formats for the Special Power of Attorney and Secretary’s Certificate may be downloaded from the PDIC website.

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.