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PDIC to bid out 177 properties

By Kathleen A. Martin (The Philippine Star) | Updated November 7, 2013 - 12:00am

MANILA, Philippines - The Philippine Deposit Insurance Corp. (PDIC) will be bidding out 177 properties in Mindanao later this month to liquidate financial assets of shuttered banks.

In a statement, the state deposit insurer said the properties, with a combined minimum disposal value of P39.1 million, will be auctioned off on Nov. 25 at the Sangguniang Panlunsod in General Santos City.

Up for bidding are commercial and residential lots located in the provinces of Zamboanga del Norte, Zamboanga del Sur, Zamboanga Sibugay, Bukidnon, Camiguin, Landao del Norte, Misamis Oriental, North Cotabato, South Cotabato, Saranggani, and Sultan Kudarat.

The properties are assets of closed banks placed under the receivership of the PDIC.

The PDIC said that since the properties will be auctioned off on an “as-is, where-is basis,” interested buyers are advised to assess and verify first the land titles and other documents before submitting their bids.

Sealed bids will be accepted from 9:00 a.m. to 2:00 p.m. on Nov. 25 and no extensions will be given for the submission, the PDIC said.

The state deposit insurer added interested bidders should come an hour before the opening of bids for the registration process.

Only Filipino citizens and corporations 60-percent-owned by Filipinos are allowed to submit bids.

The bids should also be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid either in cash or Manager’s/Cashier’s check issued by a commercial bank.

The winning bidder will also be asked to pay the remaining balance of the bid not later than Dec. 4.

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