MANILA -Looking to raise more funds to pay depositors and creditors, the Philippine Deposit Insurance Corp. (PDIC) will bid out more than a hundred assets with combined minimum disposal value of P1.7 billion on May 16, 2017.
Interested buyers may choose from residential and commercial properties, which include various condominium units with parking slots at Exportbank Plaza in Makati City, One McKinley Place in Taguig City, and Victoria Plaza in San Juan City. Also up for bidding are 10 parking slots at One McKinley Place.
Vacant residential lots and commercial properties with improvements, which are located in Metro Manila and in the provinces of Albay, Bulacan, Camarines Norte, Camarines Sur, Cavite, Leyte, Nueva Ecija, Negros Oriental, Pangasinan, Quezon, and Tarlac are also up for bidding.
Two motor vehicles, a Hyundai Tucson and Nissan Pathfinder, are also offered in the bidding.
PDIC, as liquidator of closed banks, conducts various asset disposal initiatives such as biddings, auctions and negotiated sale, in order to boost its pool of liquid assets and in adherence to the PDIC’s Roadmap, where such expeditious conversion and resolution of assets is among the strategic directions.
Proceeds from the sale of closed banks’ properties are added to the pool of liquid assets of these banks for distribution to uninsured depositors and other creditors in accordance with the rules on concurrence and preference of credits.
The disposal of these assets increases the chances of recovery of uninsured depositors and creditors of their trapped funds.
Meanwhile, gains from the sale of corporate assets are added to the Deposit Insurance Fund, PDIC’s main fund source for payment of valid deposit insurance claims.
As is, where is basis
The bidding will be on an “as-is, where-is” basis. Prospective buyers are also advised to physically inspect the properties they are interested to buy, examine and verify the titles and other evidence of ownership, and determine any unpaid taxes, fees, charges and/or expenses before submitting their bids.
Interested buyers may submit their sealed bids to the PDIC Real & Other Properties Acquired (ROPA) Disposal Committee Secretariat at the 9th Floor PDIC Training Room, SSS Building, 6782 Ayala Avenue, cor. V.A. Rufino St., Makati City on May 16, 2017, from 9 a.m. to 2 p.m.
Bids will be opened starting 2 p.m. Each bid should be accompanied by a bond/deposit equivalent to at least 10 percent of the submitted bid, in cash or Manager’s Check, or a combination thereof.
The Manager’s Check should be issued by a reputable universal or commercial bank and payable to PDIC. The winning bidder should pay the balance of the bid no later than May 25, 2017.
PDIC also clarified that the Value Added Tax (VAT) corresponding to the bid price of PDIC-owned properties shall be shouldered by and collected from the winning bidder in addition to the bid price in accordance with Bureau of Internal Revenue (BIR) Revenue Regulations No. 16-2011 dated October 27, 2011.