THE Philippine Deposit Insurance Corp. (PDIC) is set to auction off 126 pieces of real property of closed banks by way of sealed bidding on June 30.
The lots to be auctioned off on an “as-is, where-is” basis are located in Aklan, Albay, Baguio City, Batangas, Bulacan, Camarines Norte, Camarines Sur, Cavite, Laguna, La Union, Marinduque, Masbate, Misamis Occidental, Negros Occidental, Negros Oriental, Nueva Ecija, Palawan, Pangasinan, Zamboanga Peninsula and Metro Manila.
PDIC advised bidders to bring proper identification (ID) with photo and to come at least one hour earlier than the 2 p.m. deadline for the submission of bids to allow enough time for registration.
“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,” the state deposit insurer said.
PDIC said it reserves the right to limit attendees and witnesses to the bidding venue.
Prospective buyers are also advised to physically inspect the pieces of property they are interested in, examine and verify the titles and other documents, and determine any unpaid taxes, fees and/or expenses before submitting their bids, it added.
The deposit insurer also noted that each bid should be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid, in the form of cash or Manager’s or Cashier’s Check or a combination, and issued by a universal or reputable commercial bank payable to PDIC.
“The winning bidder should pay the balance of the bid price no later than July 9, 2015. The award for winning bids will be automatically cancelled if checks are not cleared,” it said.