The Philippine Deposit Insurance Corp. (PDIC) is set auction a total of 177 real properties in Mindanao with a combined minimum disposal value of P39.1 million.
In a statement, the state insurer said that the selling of the properties will undergo a public bidding on an “as-is, where-is” basis on November 25, 2013.
Under the “as-is, where-is basis” bidding, prospective buyers are advised to physically inspect the properties they are interested to buy, assess and verify the land titles and other documents, and determine unpaid taxes, fees or expenses, if any, before submitting their bids.
Up for bidding are closed banks’ assets consisting of commercial and residential lots located in the various provinces of Mindanao including Zamboanga Del Norte, Zamboanga Del Sur, Zamboanga Sibugay, Bukidnon, Camiguin, Lanao Del Norte, Misamis Oriental, North Cotabato, South Cotabato, Saranggani and Sultan Kudarat.
The public bidding will be held at the Session Hall, 2nd Floor, Sangguniang Panlunsod, General Santos City. Opening of bids will start at 2 p.m.
“The PDIC will receive sealed bids only from direct buyers at the bidding venue on November 25, 2013 from 9 a.m. to 2 p.m. No extension will be given for the submission of bids. Bidders are likewise advised to come at least one hour prior to opening of bids for the registration,” it stated.
The PDIC noted that bids shall be accepted from Filipino citizens only, or from corporations or associations which are at least 60-percent owned by Filipino citizens.
It added that all bids must be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid, either in cash or manager’s or cashier’s check issued by a commercial bank.
Meanwhile, the winning bidder is required to pay the balance of the bid price not later than December 4, 2013.
“Bid documents such as bid forms, conditions of bid, and acceptable formats for the Special Power of Attorney and Secretary’s Certificate may be downloaded from the PDIC website, www.pdic.gov.ph,” it said.