October 11, 2016

The Philippine Deposit Insurance Corporation (PDIC), through its Real & Other Properties Acquired (ROPA) Disposal Committee, is set to sell on an "as-is, where-is" basis 133 assets acquired by the Corporation and owned by closed banks with an aggregate minimum disposal value of PHP65.58 million through a sealed bidding on October 25, 2016.

Interested buyers may submit their bids to the ROPA Disposal Committee Secretariat at the 9th Floor, Training Room, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City from 9:00 a.m. to 2:00 p.m. Bids will be opened starting 2:00 p.m.

Up for bidding are 118 real properties located in Batangas, Benguet, Bulacan, Cagayan, Camarines Sur, Cavite, Cebu, Davao del Norte, Davao del Sur, Isabela, La Union, Leyte, Metro Manila, Nueva Ecija, Pangasinan, Rizal, Tarlac and Zamboanga del Sur. Fifteen (15) motor vehicles will also be bidded out.

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.

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

Each bid should be accompanied by a bond/deposit equivalent to at least 10% of the submitted bid, in cash or Manager's or Cashier's Check, or a combination thereof. The Manager's or Cashier's Check should be issued by a universal or reputable commercial bank and payable to PDIC. The winning bidder should pay the balance of the bid no later than November 7, 2016.

PDIC also clarified that the Value Added Tax (VAT) corresponding to the bid price of properties owned by PDIC shall be shouldered by and collected from the winning bidder in addition to the bid price in accordance with Bureau of Internal Revenue (BIR) Revenue Regulations No. 16-2011 dated October 27, 2011.

The expeditious conversion and resolution of assets are among the objectives outlined in PDIC's strategic directions. 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 deposits 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 deposits and creditors of their trapped funds. Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC's main fund source for payment of valid deposit insurance claims.

Interested parties may get in touch with the ROPA Disposal Committee Secretariat at telephone number (02) 841-4747 or (02) 841-4748 for more information.

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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 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.