PDIC to dispose of assets of 81 closed banks

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    A total of 81 closed banks’ assets consisting of residential and commercial lots with aggregate minimum disposal price of PhP61.2 million, is set to be disposed of by the Philippine Deposit Insurance Corporation (PDIC) via a public bidding on an “as-is, where is” basis on October 25, 2019 at the PDIC Training Room, 9th Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City.

    Sealed bids shall be accepted by the PDIC Real and Other Properties Acquired (ROPA) Disposal Committee from direct buyers only at the venue.

    Up for bidding are 62 residential lots, 14 residential lots with improvement, two commercial lots with improvement, one commercial lot and one mixed-use residential/agricultural located in Metro Manila, Bataan, Batangas, La Union, Nueva Ecija, Pampanga, Pangasinan,

    Tarlac, Zambales and Aklan. A 39.4 square meters condominium unit in Bonifacio Global City, Taguig is also included for disposal at a minimum disposal price of PhP5.1 million.
    The complete list of properties is posted in the PDIC Assets for Sale site. Bidders may also access the site through PDIC’s website by clicking the Assets for Sale icon on its homepage.

    Prospective bidders may also visit the PDIC Public Assistance Center at the 3rd Floor, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City for details on the assets.
    For further information, interested buyers may call the PDIC Public Assistance Department at (02) 841-4630. Those outside Metro Manila may call the PDIC toll-free hotline at 1-800-1-888- PDIC or 1-800-1-888-7342.

    Each bid should be accompanied by a bond/deposit equivalent to at least 10 percent of the submitted bid, in cash or Manager’s Check, or a combination thereof. The Manager’s Check should be issued by a reputable universal or commercial bank and payable to “Philippine Deposit Insurance Corporation” or “PDIC”.

    The winning bidder should pay the balance of the bid/purchase price in full within 15 calendar days from the receipt of the Certificate of Award or not later than November 11, 2019. The PDIC ROPA Disposal Committee shall automatically cancel the award once the issued checks are not cleared.

    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/or expenses before submitting their bids. Bidders are likewise required 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 the required format of the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC website. PDIC reserves the right to withdraw without prior notice any or all of the properties offered for sale any time before the deadline for submission of bids.

    The expeditious conversion and resolution of assets are among the strategic directions outlined in PDIC’s Roadmap. PDIC, as liquidator of closed banks, holds 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 depositors 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 depositors and creditors of their trapped funds.