State insurer Philippine Deposit Insurance Corp. (PDIC) is set to sell a total of 118 units of automated teller machines (ATMs) via public bidding on December 3, 2013.
In a statement, the PDIC said that the ATMs will have an aggregate minimum disposal value of P20.9 million. The public bidding will be held at the PDIC Training Room in Makati City and will start at 2 p.m.
The state insurer said that the ATM units are properties of closed banks and will be sold on an “as is, where is” basis.
Under the “as-is, where-is” basis bidding, prospective buyers are enjoined to physically inspect the ATMs, and examine and verify their condition, before submitting their bids.
The PDIC will receive sealed bids only from direct buyers at the bidding venue on December 3, 2013, from 9 a.m. to 2 p.m.
“No extension will be given for the submission of bids. Bidders are advised to come at least one hour prior to the opening of bids to register and submit the requirements,” it said.
The insurer mentioned that all bids must 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 issued by a universal or commercial bank.
“The winning bidder is required to pay the balance of the bid price not later than December 12, 2013,” it added.
PDIC said that the regular conduct of public biddings of closed banks’ assets is in line with the its strategic direction of expeditious disposal of nonfinancial assets as outlined in PDIC’s medium-term Roadmap to 2016.