PDIC Schedules P96.4M Loan Portfolio Auction

The Philippine Deposit Insurance Corporation (PDIC) invited interested bidders to prequalify for a public auction of a loan portfolio worth P96.4 million, set for December 17, 2024.

This portfolio consists of 27 secured loan accounts.

The sale is part of PDIC’s efforts to maximize asset recovery, offering investors a chance to acquire valuable secured loan accounts.

The portfolio is secured by real estate mortgages on prime industrial lots in Mamplasan, Biñan, Laguna, with a minimum disposal price of P96.4 million.

The prequalification process is designed to ensure that only capable and diligent bidders advance to the auction.

Prequalification is open from November 11 to 15, 2024.

Interested parties must submit essential documents, including a letter of intent, a Philippine Statistics Authority-issued birth certificate, the latest General Information Sheet filed with the Securities and Exchange Commission (for partnerships and corporations), and contact details for the nominated principal representative.

These documents should be emailed to the PDIC Loans Resolution Committee (LRC) Secretariat at lrcsec@pdic.gov.ph.

PDIC will notify prequalified bidders via email and provide them with the Pro-forma Data Sharing Agreement (DSA) and Confidentiality and Non-Disclosure Agreement (CNDA) by November 21, 2024.

Instructions for submitting the signed, notarized copies, along with original documents previously submitted, will be sent to prequalified bidders.

Documents should be delivered to the LRC Secretariat at the 5th Floor of PDIC Chino Building, 2228 Chino Roces Avenue, Makati City, between November 25 and 27, 2024, from 9 a.m. to 5 p.m.

All qualified bidders will receive confirmation from PDIC of their eligibility to conduct due diligence and participate in the bidding.

By November 29, 2024, PDIC will email qualified bidders a bidding package that includes the Conditions of Bid, a list of loans and collateral, a Bid Proposal Form, a Pro-forma Special Power of Attorney, a Secretary’s Certificate (for representatives), and a Certification confirming no relation between the bidder and the borrower or borrower’s relatives within the second degree of consanguinity or affinity.

Only qualified bidders may participate in the public auction.

Qualified bidders must submit sealed bids at the 5th Floor of PDIC Chino Building, 2228 Chino Roces Avenue, Makati City, on December 17, 2024, from 9 a.m. to 1 p.m.

The bids will be opened at 2 p.m. on the same day.

For more information on the bidding schedule, procedures, and requirements, interested parties may contact the LRC Secretariat at lrcsec@pdic.gov.ph.