PDIC to bid out 118 ATM machines

MANILA, Philippines - The Philippine Deposit Insurance Corp. is set to bid out 118 automated teller machine (ATM) units next month as part of its mandate to liquidate non-cash assets of shuttered banks.

In a statement, the state deposit insurer said the 118 ATM units have an aggregate minimum disposal value of P20.9 million.

The public bidding will be held on Dec. 3 from 9:00 a.m. to 2:00 p.m. at the PDIC’s office along Ayala Avenue in Makati City.

The PDIC said the ATMs will be auctioned off on an “as-is, where is” basis, which means interested buyers should physically inspect the units and examine their condition before submitting any bids.

The state deposit insurer said no extension will be given for the submission of bids so interested parties are advised to come at least an hour before 2:00 p.m. for registration and submission of requirements.

“All bids must be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid in the form of Cash or Manager’s or Cashier’s Check issued by a universal or commercial bank,” PDIC said.

The winning bidder will be asked to pay the balance not later than Dec. 12 it added.

“The regular conduct of public biddings of 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,” the state deposit insurer said.