PDIC to auction 130 bank assets

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Philippine Deposit Insurance Corp. (PDIC) said it will auction off today, March 24, 130 foreclosed bank assets valued at P64.3 million, including 123 agricultural and residential lots in southern Luzon and northeastern and western Visayas.

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The lots are located in the provinces of Albay, Batangas, Cavite, Camarines Norte, Camarines Sur, Cebu, Eastern Samar, Leyte, Marinduque, Negros Oriental, Occidental Mindoro, Oriental Mindoro, Palawan, Quezon and Rizal.

The winning bidder is required to submit a down payment equivalent to 10 percent of the bid on the day of the auction. The participation fee of the winning bidder will form part of the downpayment and purchase price.

“The balance of the bid must be paid in full within seven working days from receipt of the Notice of Award,” the PDIC said.

The PDIC said a participation fee of P25,000 either in cash or manager’s check is required of all bidders, which will be returned to non-winning bidders at the end of the auction.

The auction will be held at the PDIC Training Room on the 9th Floor of the SSS Building at 6782 Ayala Avenue corner V.A. Rufino St., Makati City from 9 a.m. to 2 p.m.

Documentary requirements such as Auction Forms, Conditions of Auction, 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, it added.

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