PDIC auctions real estate in Cebu

MANILA, Philippines — The Philippine Deposit Insurance Corp.(PDIC)said Tuesday that it will auction off P51.57-million in real estate located in Cebu province.

The real estate was belonged to the banks that have been closed.

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

Bangko Sentral ng Pilipinas’ Cebu regional office in Cebu City will be the venue of the said public auction. Interested parties must submit their bids between 9 a.m. and 2 p.m. on that day said by the PDIC.

PDIC stated that 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.

The PDIC also added that the winning bidder is required to pay the balance of the bid price not later than October 20 or else risk an automatic cancellation of the award of the property.

The properties to be auctioned are listed at the “property finder” section on PDIC’s website. Bid documents can also be downloaded online for free.
PDIC is tasked to dispose of the non-financial assets of shuttered banks.

Doreelyn is a graduate of Banking and Finance at the St Louis University, one of the top 10 universities in the country. Without Doreelyn, Pabaon News will not be complete.Her knowledge of business catapults Pabaon News into another level. Her passion for writing continues to push her to the limit