PDIC to dispose P263.57M worth of foreclosed assets

CEBU, Philippines - The Philippine Deposit Insurance Corporation (PDIC) is going to dispose a total of P263.57 million foreclosed real properties, through a public bidding this coming October 25, 2011.

In a statement PDIC said the properties that are up for bidding are 69 PDIC-owned assets composed of residential, commercial and industrial properties and nine closed bank assets.

Properties are located in Albay, Batangas, Bulacan, Cagayan, Cebu, Davao del Sur, Davao Oriental, Iloilo, Isabela, Laguna, Leyte, Metro Manila, Misamis Oriental, Negros Oriental, Nueva Ecija, Palawan, Pangasinan, Quezon, Rizal and South Cotabato.

The list of assets and their descriptions can be accessed at the PDIC website, www.pdic.gov.ph, or can be requested from its ROPA Management Department (RMD).

According to PDIC bids will be received from 9:00 a.m. to 2:00 p.m. on the said date. There shall be no extension for the submission of bids. Bidders are advised to come earlier to allow for registration. PDIC will accept sealed bids from direct buyers only.

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 related documents; and determine unpaid taxes, fees or expenses.

All bids must be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid. This can be in the form of either Cash or Manager’s Check or Cashier’s Check, or a combination thereof. Buyers have seven (7) working days to pay the balance.

PDIC personnel may accompany prospective buyers to properties located in Metro Manila.

For properties located in the provinces, PDIC has posted “For Sale” signs in public and strategic areas within the localities.

In addition to property descriptions, vicinity maps and lot plans are also available to interested buyers through the PDIC website.

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