PDIC eyes record P3.1 billion from sale of office spaces

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is raising a record P3.1 billion from the sale of foreclosed commercial and office units owned by the closed Export and Industry Bank and its subsidiary Urbancorp Technologies Corp. early next month.

The minimum disposal prices of the commercial and office units at the ExportBank Plaza strategically situated at Pasong Tamo St. corner Sen. Gil Puyat Ave. would range between P3.9 million and P321.04 million.

Included in the public bidding is the entire ground floor with an area of 1,618 square meters and 24 parking slots, to be offered at a minimum disposal price of P233 million.

A major bank, a fastfood outlet and a convenience store occupy some of the commercial and office units at the ground floor.

Also up for sale is the entire 37th floor bundled with the penthouse, with a combined area of 1,460 square meters and minimum disposal price of P240.96 million. The helipad and the space above the penthouse is intended primarily for the benefit of the owner of said floor.

PDIC is also disposing the basement including 35 parking slots with 2,477 square meters with a minimum bid price of P321.05 million.

Bidders are advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and expenses before submitting their bids.

Each bid should be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid, in cash or manager’s check, while the balance of the purchase price should be paid in full not later than Dec. 21.

The Bangko Sentral ng Pilipinas placed the Export and Industry Bank under the receivership of PDIC in April 2012. The closed bank acquired Urban Bank when it collapsed in 2001.