PDIC to auction off Cebu land of closed banks

SCREENGRAB from www.pdic.gov.ph

MANILA, Philippines — The state-run Philippine Deposit Insurance Corp. said Tuesday it will auction off P51.57-million in real estate located in Cebu province that belonged to banks that have been closed.

In a statement, PDIC said it would bid out 126 residential and commercial lots on October 9 on an “as is, where is” basis.

The public auction will be held at the Bangko Sentral ng Pilipinas’ Cebu regional office in Cebu City.

PDIC said interested parties must submit their bids between 9 a.m. and 2 p.m. on that day.

“Each bid must be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid, either in cash or manager’s or cashier’s check or a combination thereof” issued by a commercial or reputable bank, PDIC said.

Also, “the winning bidder is required to pay the balance of the bid price not later than October 20” or else risk automatic cancellation of the award of the property, it added.

The properties to be auctioned are listed at the “property finder” section on PDIC’s website. Bid documents may be downloaded online for free.

PDIC is tasked to dispose of the non-financial assets of shuttered banks.

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