The Philippine Deposit Insurance Corporation (PDIC) is set to sell via public bidding on an “as-is, where-is” basis 272 real properties with an aggregate minimum disposal value of about P80.3 million on December 20, 2012. The bidding, the last for the year, will be held 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.

A total of 267 residential lots, four condominium units and one parking slot are up for bidding. The properties are located across the country mostly in the National Capital Region (NCR), Regions 1, 2, 3, 4, 7, and 10.

The PDIC will receive sealed bids only from direct buyers on December 20, 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 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 or Cashier’s Check issued by a commercial bank. The winning bidder is required to pay the balance of the bid price not later than January 4, 2013.

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.

PDIC has posted “For sale” signs in public and strategic areas within the localities. The list of property descriptions, vicinity maps and lot plans are also available through the PDIC website, www.pdic.gov.ph. For further information, interested bidders may contact Vice President Rosario C. Arnaldo (Asset Management and Disposal Group) or Mr. Polo I. Pantaleon, Jr. (Manager, Asset Management and Disposal Department III) at telephone numbers, 841-4665 or 841-4671.

The expeditious disposal of non-financial assets is a strategic direction under PDIC’s Roadmap to 2016. As Liquidator of closed banks, PDIC disposes assets to benefit the closed banks’ uninsured depositors and creditors by way of recovery of their deposits and investments. Meantime, proceeds from the disposal of corporate assets are added to the Deposit Insurance Fund (DIF) to continuously build up the Fund. The DIF is the funding source for payouts of deposit insurance claims.

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, ww.pdic.gov.ph.