THE Philippine Deposit Insurance Corp. (PDIC) will conduct two public auctions within the next three weeks in Davao City and Makati City to dispose of various assets of closed banks with an aggregate minimum disposal value of P253.9 million.
The auction in Davao City will be held on February 26, at Unit 80, Eight Floor, Landco-PDCP Condominium Building, Pryce Business Park, JP Laurel Davao City, Davao del Sur, to dispose of 115 units consisting of condominium units and other real properties in Davao del Sur, Davao del Norte, Cagayan de Oro City, Compostella Valley, General Santos City and Camiguin. The auction will be held from 9 a.m. to 2 p.m.
Meanwhile, the auction in Makati City will be held on March 5, at the Ninth Floor, SSS Building 6782 Ayala Avenue corner VA Rufino Street, Makati City, and will be for 12 transportation equipment and three generator sets. The auction will be held from 2 to 5 p.m.
Bidders are advised 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 the standard format of the Special Power of Attorney and Secretary’s Certificate may be downloaded free of charge from the PDIC web site atwww.pdic.gov.ph.
A participation fee in the amount of P25,000 either in cash and/or manager’s check is required of all bidders. The fee will be returned to nonwinning 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.
The properties for public auction are sold on an “as-is, where-is” basis.
The PDIC regularly conducts public auctions to dispose of nonfinancial assets of closed banks. As the mandated liquidator of closed banks, the PDIC disposes of these assets and the proceeds are maintained as funds held in trust for the corresponding closed bank.