NEWS/PRESS RELEASE: PR-122-12; Date of Release: November 9, 2012

The Philippine Deposit Insurance Corporation (PDIC) will dispose via public bidding on an “as-is, where-is” basis 97 vehicles of 16 closed banks with combined minimum disposal value of about P21.7 million on November 16, 2012. The bidding will be held at the PDIC Training Room, 9th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.
The PDIC will receive sealed bids only from direct buyers on November 16, 2012 from 9:00 a.m. to 2:00 p.m. Opening of bids will start at 2:00 p.m. No extension will be given for the submission of bids. Bidders are likewise advised to come early for the registration.

The list of vehicles and their descriptions can be accessed at the PDIC website, www.pdic.gov.ph. Fifty four (54) vehicles are located in Metro Manila, nine (9) in Metro Cebu, five (5) in Davao City and the rest are in other locations indicated in the Invitation to Bid. Inquiries may be coursed through Vice President Rosario C. Arnaldo (Asset Management and Disposal Group) at telephone numbers, 841-4650 or 841-4651.

Buyers are advised to conduct due diligence by physically inspecting the vehicles, examining and verifying the registration documents; determining unpaid taxes, fees, expenses, interests, penalties and other charges for transfer purposes prior to submitting bids. All bids must be accompanied by a bond or deposit equivalent to at least 10% of the submitted bid either in Cash or Manager’s Check or Cashier’s Check issued by a reputable commercial bank, or a combination thereof. The winning bidder should pay the balance of the bid price not later than November 27, 2012.

Bid documents such as Bid Forms, Conditions of Bid, and standard formats for the Special Power of Attorney and Secretary’s Certificate may be downloaded from the PDIC website or secured free of charge from the Real and Other Properties Acquired (ROPA) Disposal Committee Secretariat at the 4/F SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

The disposal of closed banks’ assets is a responsibility of the PDIC as Liquidator of closed banks. The PDIC continues to pursue the disposal of assets consistent with its Roadmap to 2016 of liquidating non-financial assets for the benefit of the creditors of closed banks.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, Â HYPERLINK “http://www.pdic.gov.ph”www.pdic.gov.ph.

Corporate Communications Dept.Â
Tel: (O2) 8414637 / Fax (02) 8414833
Trunkline:Â (02) 8414000
Email:Â ccd@pdic.gov.ph