MANILA, Philippines – The Philippine Deposit Insurance Corporation (PDIC) is set to bid out 186 commercial and residential lots previously owned by various closed banks and the PDIC.
The public bidding will be held at the PDIC Training Room, 9th floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City on July 1, from 9 a.m. to 2 p.m.
The lots for bidding are located in the cities of Caloocan, Las Piñas, Pasay, Parañaque and Baguio; and in the provinces of Aklan, Albay, Batangas, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Cavite, Cebu, Ilocos Norte, Iloilo, Laguna, Nueva Ecija, Occidental Mindoro, Oriental Mindoro, Pampanga, Pangasinan, Quezon, Rizal, Romblon, Samar, Sorsogon and Tarlac.
PDIC said the properties have an aggregate minimum disposal value of about P319.35 million.
The complete list of property descriptions is available through the PDIC’s Property Finder at its website.
Prospective buyers are advised to physically inspect the properties they are interested to buy before submitting a bid.
Bidders will be required to present a valid identification card with photo to be allowed entry into the bidding area. Sealed bids will be accepted from direct buyers only.
The deadline for submission of bids is at 2 p.m. and participating bidders are advised to come at least one hour earlier to register.
PDIC said each bid must be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid. This should be in the form of cash or Manager’s or Cashier’s Check (or a combination thereof) issued by a universal or a reputable commercial bank.
The winning bidder will be required to pay the balance of the bid price not later than July 10, 2014. Checks should be cleared, otherwise the awarding of the property Is automatically cancelled.
Interested parties may download bidding documents, conditions of bid, and acceptable formats for the Special Power of Attorney and Secretary’s Certificate from the PDIC website.