MANILA, Philippines - The Philippine Deposit Insurance Corporation (PDIC) on Thursday held a public bidding for 91 properties in an effort to liquidate the assets of closed banks.
The properties, sold on an "as-is" and "where is" basis, included 2 former banks, a condominium unit and 88 residential lots located in Metro Manila, Ilocos Sur, La Union, Pangasinan, Isabela, Nueva Ecija, Tarlac, Bataan, Bulacan, Zambales, Pampanga, and Rizal.
"The regular conduct of public bidding of corporate and closed banks' assets is in line with the PDIC's strategic direction of expeditious disposal of non-financial assets as outlined in PDIC's medium-term Roadmap to 2016," said PDIC.
"The PDIC converts the closed banks' assets into cash either through public bidding or negotiated sale to maximize recovery and facilitate distribution of assets to closed banks' uninsured depositors and creditors," PDIC added.
Interested bidders are advised to inspect the properties, verify land titles and other documents and determine unpaid taxes and other fees themselves.
Bids should also be accompanied by at least 10% of the submitted bid, either in cash or in check (manager's or cashier's) issued by a reputable commercial bank.
The winning bidder is required to pay the balance of the bid price on or before October 8.