PDIC to auction off P22.7-M worth of closed banks’ assets

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State-run Philippine Deposit Insurance Corp. (PDIC) is set to auction off closed banks’ assets with an aggregate minimum disposal price of P22.7 million on October 1.

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The assets to be auctioned off on an “as-is, where-is” basis include a 35,842-square-meter PDIC property consisting of contiguous vacant residential lots in General Santos City at a minimum lot price of P14.3 million, and various generator sets and auto shop and transportation equipment.

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.

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 participating in the auction, it added.

“Interested bidders are required to submit a participation fee of P25,000 in the same payment form. Said amount will be deducted from the bid of the winning participant or returned to a losing participant immediately after the bidding,” it said.

The PDIC added that the winning bidder should also be ready to pay the required 10 percent down payment, if declared the highest bidder, and should pay the balance of the bid price/purchase price in full, within seven working days from the receipt of Certificate of Highest Bid.

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