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PDIC to sell P253-m bank properties

By Julito G. Rada | Feb. 12, 2015 at 10:55pm [ manilastandardtoday.com ]

State-run Philippine Deposit Insurance Corp. said Thursday it will sell P253.9 million worth of properties and assets owned by closed banks.

PDIC said it would hold an auction, on an “as-is, where-is” basis, for several properties located in Mindanao and several vehicles and equipment in Makati City.

The deposit insurer said it would sell 115 properties consisting of condominium units, parking slots and other real properties located in Davao del Sur, Davao del Norte, Cagayan de Oro City, Compostella Valley, General Santos City and Camiguin.

The auction will be held on Feb. 26 at Unit 80, 8th Floor, Landco-PDCP Condominium Building, Pryce Business Park, J.P. Laurel, Davao City.

Meanwhile, PDIC will hold an auction on March 5 in Makati City for 12 transportation equipment and three generator sets.

PDIC asked bidders to bring proper identification with photo and to come at least one hour prior to the opening of bids to register and submit the requirements.

Bid documents such as bid forms, conditions of bid and standard format of the special power of attorney and secretary’s certificate may be downloaded free of charge from the PDIC website.

A participation fee of P25,000 either in cash and/or manager’s check is required of all bidders. The fee will be returned to non-winning bidders at the end of the auction.

The winning bidder is required to pay a downpayment equivalent to 10 percent of the bid on the day of the auction. The participation fee of the winning bidder will form part of the downpayment and purchase price.

PDIC said public biddings and auctions were regularly conducted to expeditiously dispose of non-financial assets, one of the strategic directions outlined in the agency’s roadmap.

PDIC, as liquidator of closed banks, disposes of assets acquired from closed banks and use proceeds to enhance the recovery of uninsured depositors and creditors.
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