The Philippine Deposit Insurance Corp. (PDIC) is set to sell 152 real properties and six bank premises for a total minimum disposal value of P90 million.
In a statement on its website, the state insurer said that the assets will be sold through public bidding on November 19 this year on an “as-is, where-is” basis.
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 before submitting their bids.
“The public bidding will be held at the Bangko Sentral ng Pilipinas-Legaspi Branch located in Barangay 18, Rizal Street, Cabagñan, Legaspi City, Albay. Opening of bids will start at 2 p.m.,” it stated.
PDIC noted that closed banks’ assets consisting of commercial and residential lots were up for bidding, and the pieces of property are located in the various cities and provinces of the Bicol Region including Albay, Camarines Norte, Camarines Sur and Sorsogon.
“The PDIC will receive sealed bids only from direct buyers at the bidding venue on November 19, 2013, from 9 a.m. to 2 p.m.,” it stated.
The state insurer also noted that no extension will be given for the submission of bids. Bidders are also advised to come at least one hour prior to opening of bids for the registration.
PDIC said that it also reserves the right to limit the number of attendees/witnesses to the bidding venue, adding that bids shall be accepted from Filipino citizens only, or from corporations or associations which are at least 60-percent owned by Filipino citizens.
“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. The winning bidder is required to pay the balance of the bid price not later than November 28, 2013,” it stated.
PDIC said that 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.
“The list of property descriptions, vicinity maps and lot plans are also available at the PDIC website. For further information, interested bidders may contact Atty. Josette Sonia Marcilla or Dominador Rodulfo Jr. of the Asset Management and Disposal Department I at telephone numbers,  841-4750 or  841-4754,” the insurer said.