PDIC sets auction of assets valued at P39.6M

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THE Philippine Deposit Insurance Corp. is set to sell 57 assets of closed banks and those acquired by the PDIC for a total minimum disposal value of P39.6 million.

In a statement, the state deposit insurer said that through its Real & Other Properties Acquired (ROPA) Disposal Committee, it is set to sell the assets on an “as-is, where-is” through a public bidding on December 14 this year.

Prospective buyers are advised to physically inspect the properties they are interested in buying, assess and verify the land titles and other documents, and determine unpaid taxes, fees or expenses before submitting their bids.

“Interested buyers may submit their bids to the ROPA Disposal Committee Secretariat at the Penthouse, SSS Building, 6782 Ayala Avenue cor. V.A. Rufino St., Makati City from 9:00 a.m. to 2:00 p.m. Bids will be opened at 2:00 p.m,” it stated.


The 57 assets consist of 46 properties owned by closed banks and 11 assets acquired by the PDIC.

These include 55 residential lots, one mixed residential-agricultural lot, and one agricultural lot, located in Metro Manila, Bulacan, Leyte, Nueva Ecija, Nueva Vizcaya, Pampanga, Pangasinan, Quezon, Rizal, Sorsogon and Zambales.

Bidders are advised to bring proper identification (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 standard format of the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC website, www.pdic.gov.ph.

Each bid should be accompanied by a bond/deposit equivalent to at least 10 percent of the submitted bid, in cash or Manager’s or Cashier’s Check, or a combination thereof. The Manager’s or Cashier’s Check should be issued by a universal or reputable commercial bank and payable to PDIC. The winning bidder should pay the balance of the bid no later than December 23, 2016.

PDIC also clarified that the value added tax (VAT) corresponding to the bid price of properties owned by PDIC shall be shouldered by and collected from the winning bidder in addition to the bid price in accordance with Bureau of Internal Revenue (BIR) Revenue Regulations 16-2011 dated October 27, 2011.

PDIC, as liquidator of closed banks, conducts various asset-disposal initiatives such as biddings, auctions, and negotiated sales.

Proceeds from the sale of closed banks’ properties are used to increase the chances of recovery of uninsured depositors and creditors of their trapped funds while gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main funding source for payment of valid deposit insurance claims.

“Interested parties may get in touch with the ROPA Disposal Committee Secretariat at telephone number (02) 841-4000 local 4747 or 4748 for more information on the real properties and the public bidding,” the statement added.

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