PDIC to auction off assets worth P80.9 million

CEBU, Philippines — The Philippine Deposit Insurance Corporation (PDIC) is set to bid out 46 properties of closed banks worth P80.9 million on November 28, 2019 at the Best Western Plus Lex Cebu.

Of the 46 properties, four of which are real estate properties located in Cebu and Bohol with an aggregate minimum disposal value of P38.6 million and five vehicles worth P886,000.

The other properties are located in Metro Manila, Aklan, Antique, Capiz, Guimaras, Iloilo, Negros Occidental, Negros Oriental, and Palawan.

PDIC is set to dispose a total of 20 residential lots, 10 residential lots with improvement, five commercial lots with improvement, 10 motor vehicles and a generator set on an “as-is, where is” basis.

Under the “as-is, where-is basis” bidding, potential bidders are advised to be diligent enough to thoroughly inspect the condition of the properties first before submitting their bids. Important things to verify include land titles and other documents, determine unpaid taxes, and fees or expenses, if any.

Interested buyers are also advised to come at least one hour before the opening of the bids for the registration.

 The PDIC Real and Other Properties Acquired (ROPA) Disposal Committee will be accepting sealed bids from direct buyers only between 9AM and 1:45PM at the venue. Bids will be opened at 2PM.

 Only bids from Filipino citizens shall be accepted and for corporations or associations, it should be at least 60 percent-owned by Filipino citizens.

Upon submitting their bids, potential buyers are required to pay a deposit of at least 10 percent of the submitted bid either in Cash or Manager’s or Cashier’s Check issued by a commercial bank and must be payable to PDIC.

However, the PDIC ROPA Disposal Committee can automatically cancel the award once the issued checks are not cleared. Winning bidders on November 28 will be given until December 13, 2019 to pay the balance of the bid price in full.

Bid Forms, Conditions of Bid, and acceptable formats for the Special Power of Attorney and Secretary’s Certificate are available for download from the PDIC website, www.pdic.gov.ph.

Moreover, the list of property descriptions, vicinity maps and lot plans are also available at the PDIC website or at the Asset Management and Disposal Group.