PDIC to bid out P90-M assets of closed banks

MANILA, Philippines - The Philippine Deposit Insurance Corp. will be bidding out P90-million worth of real properties and former bank premises on Nov. 19.

In a report, the PDIC said 152 real properties and six bank premises will be auctioned off on an “as-is, where-is” basis.

These are assets of shuttered banks and are made up of commercial and residential lots. PDIC noted these properties are located in Albay, Camarines Norte, Camarines Sur, and Sorsogon.

The state deposit insurer advised interested bidders to physically inspect the properties and determine any unpaid taxes, fees, or expenses on them prior to the bidding.

Submission of bids will be from 9:00 a.m. to 2:00 p.m. on Nov. 19 at the Bangko Sentral ng Pilipinas-Legaspi branch in Cabagñan, Legaspi City, Albay. 

“No extension will be given for the submission of bids,” the PDIC said, noting bidders should arrive at least an hour before the opening of bids.

“The PDIC reserves the right to limit the number of attendees/witnesses to the bidding venue,” the state deposit insurer said.

Interested parties should be Filipino citizens or entities which are at least 60 percent owned by Filipino citizens.

The bids should also be accompanied by a bond or deposit equal to 10 percent of the submitted bids. The winning bidder will be further required to pay the remaining balance on Nov. 28.

The PDIC said all bid documents are available on its website, www.pdic.gov.ph. Information on the properties that will be up for grabs are also available on its website.

“The conduct of public biddings is in line with the PDIC’s strategic direction to expeditiously dispose non-financial assets, as outlined in its medium-term Roadmap to 2016,” the state deposit insurer said.

“As Liquidator of closed banks, PDIC disposes assets acquired from closed banks to benefit the uninsured depositors and creditors by way of helping enhance recovery of their deposits and investments.”