Government-owned Philippine Deposit Insurance Corp. (PDIC) has shifted its mode of asset disposal for corporate and closed banks’ assets particularly real estate properties to an electronic platform.
The state-run deposit insurer is scheduled to hold its first e-bidding of properties comprising of 10 vacant subdivision lots covering 2,719 square meters in Waterwood Park Subdivision in Baliuag, Bulacan with a minimum disposal price of P27.2 million on an “as-is, where is” basis on April 8.
The areas of the vacant residential lots range from 250 square meters up to 325 square meters, with minimum disposal price starting from P2.5 million up to P3.3 million.
The PDIC Real and Other Properties Acquired (ROPA) disposal committee will accept online bids from direct buyers only who register through the e-bidding portal that may be accessed via PDIC’s Assets for Sale site at http://assetsforsale.pdic.gov.ph.
PDIC advised bidders to conduct due diligence on the condition, status and ownership of the properties and make the appropriate inquiries or verification with the applicable registries or government agencies, units and other entities before submitting their bids.
Online bids may be placed between 9 a.m. on April 7 and 1 p.m. on April 8.
Based on the Conditions of Bid, the winning bidder shall pay 10 percent of the bid price within the next working day from receipt of the electronic certificate of award (ECA) or on April 12 and the remaining balance within 15 calendar days from receipt of the award or on April 26.
Winning bidders can pay in cash or check, or a combination thereof thru any branch of the Philippine National Bank (PNB). Check payments should be issued to PDIC.
“The PDIC ROPA disposal committee shall automatically cancel the award once the issued check is not cleared. The PDIC said that the winning bidder shall undertake the responsibility to acquire and maintain peaceful possession of the property without seeking the assistance of PDIC,” it said.
The deposit insurer is also conducting two more e-biddings on April 14 for the disposal of properties based in Metro Manila and Silang, Cavite and on April 23 for properties based in Luzon, Misamis Oriental and Cagayan de Oro City.
“The e-bidding portal is a convenient and user-friendly platform for property hunting and buying,” PDIC said.
Despite the pandemic and the community quarantines imposed across the country, PDIC continues to deliver critical frontline services by maximizing the use of technology and other channels to provide much needed assistance to stakeholders.
Proceeds of asset sales are used to beef up the Deposit Insurance Fund that serves as the buffer to settle the insurance of depositors of banks ordered closed by the Bangko Sentral ng Pilipinas (BSP).
Last year, PDIC settled P124.11 million in insurance claims made by the depositors of five closed banks.
source: PDIC