DELINQUENT subdivision and condominium
developers will soon be meted heavy fines aside from a minimum 10-year
jail time for failing to complete their projects and for using
sub-standard materials.
Rep. Susan A. Yap, principal
author
The proposed amendment to the current rules and
regulations—particularly on the protection of buyers of property
development—has been approved on second reading in the House of
Representatives.
House Bill 395 that seeks to amend Presidential Decree 957 or the
Subdivision and Condominium Buyers’ Protective Decree of 1976 has
recently gained ground in the Lower Chamber of Congress as lawmakers
press for its early passage.
Lawmakers have found the existing laws (PD 957) to be weak in deterring bad behavior among property developers and builders.
The bill dubbed “The Subdivision and Condominium Buyers’ Protective
Decree Amendment of 2013” requires developers to register at their own
expense all deeds of sale of subdivision lots and condominium units that
have been fully paid.
In case of units sold through installment scheme, the developer and buyer would share the registration expenses proportionately.
Rep. Alfredo Benitez,
Housing Committee
chairman
The bill empowers the Register of Deeds to cancel a property’s
registration papers without the need of a court order if the buyer
defaulted on his or her payment. It likewise requires developers to
donate open spaces reserved for schools, places of worship, hospitals,
health centers, and barangay centers to the local government in their
project sites,
“Due to obsolete penalties for violations of PD957, many land and
condominium developers contravene the decree knowing fully well that
payment for the defiance of the law is so small,” Said Tarlac Rep. Susan
A. Yap, principal author of the bill.
Negros Occidental Rep. Alfredo Benitez, chair of the House committee
on housing and urban development, said that the bill would provide
protection to real estate buyers who end up holding the empty bag when
developers do not deliver on their promises made during the pre-selling
of their projects.
“A certificate of registration does not vest the owner or dealer of a
project the authority to sell without the necessary license to sell,”
Benitez said.
The bill would raise to P50,000 the administrative fine for each
violation of any of the provisions of the decree or of any rule or
Lawmakers has found the existing laws (PD 957) to be weak in deterring
bad behavior among property developers and builders.
These includes failure to complete the project and or titles to the
property sold to buyers, inability to refund the purchase price, and
failure to follow construction specifications or poor workmanship
resulting to sub-standard units or to construction defects.
For multiple violations, offenders would be slapped with a P500,000
penalty and jail term of four years for the first offense; P750,000
penalty and 7 years imprisonment for the second offense; and P1 million
penalty and 10 year imprisonment and revocation of business permit and
licenses for the third offense.
Violators would be levied an additional fine of P500,000 for every
house and lot or condominium unit sold from illegal advertising.
Although investment professionals in the Asia-Pacific are optimistic
about global prospects in 2014, most are increasingly concerned about
asset bubble risks in the region’s property markets, according to a
survey by the CFA Institute.
Based on the 2014 global market sentiment survey conducted by CFA
(Chartered Financial Analyst) Institute, an international association
of investment professionals, 56 percent of them expected the global
economy to expand this coming year. It represented a significant shift
in sentiment from that of last year when only 32 percent of respondents
held such view.
About 68 percent of respondents in the Asia-Pacific are worried
about asset bubble risks in their respective markets, with 52 percent
seeing it coming from the real estate sector. In the Americas, only 49
percent saw such a threat emerging.
Also,
respondents see little change in the level of integrity in the global
capital markets, although Asia-Pacific respondents are more optimistic
about this than their counterparts in the Americas, Europe, the Middle
East and Africa.
The annual survey measured the opinion of
6,561 CFA charterholders and members globally, more than 1,000 of whom
are in the Asia-Pacific.
“The number of our members who expect the
global economy to expand has nearly doubled in the last two years.
However this is no time for those in finance to become complacent,” said
John Rogers of CFA Institute. “The survey reflects that investor trust
has been eroded. We must embrace ethical behavior at all levels.”
In my over 40-year experience as an architect and urban planner, I
have been quite vocal about our country’s lack of focus to consistently
provide resilient and sustainable infrastructures and buildings to
combat the prevalent issues in planning and housing in our cities,
especially since our country is the third most vulnerable to natural
disasters. We should look at disaster prevention as a basic tenet in
environmental planning, architecture, urban development, construction
and education through policies and measures that suit the individual
characteristics of each community, town, and city.
Last year, the Philippine Institute of Environmental Planners (PIEP),
together with the Japan Foundation, hosted a National Convention aimed
at planning toward sustainable communities. The convention put forth a
shift from the old perception of urban development into the new
generation of sustainability, prioritizing people and environment first
before economy. As President of PIEP for 2013 and 2014, this year’s
National Convention theme tackled Disaster Preparedness and Sustainable
Development, in light of the recent disaster event that affected the
Central Visayas region last October 15, a national convention that we
held the day Super Typhoon Yolanda devastated the Visayas region. It is
our hope that this year’s convention will stress the urgency toward a
more resilient Philippines by confronting the challenges facing
environmental planners and the private sector groups and how the PIEP
could play an active role in the development process of local
communities.
Being situated in a region within the Pacific Ring of Fire primarily
calls for vigilance in disaster preparedness. Protection of life and the
enhancement of the built environment are the foremost responsibilities
of architects, urban planners, and engineers. In its stand of pushing
its accountability toward Nature, God, and Country, Palafox Associates
prepared a brief list of recommendations on urban planning,
architecture, and engineering to address hazards toward safer cities,
towns, and communities. These recommendations were expounded and further
developed hand-in-hand by the government, the people, and the experts.
The past administration was given this list after the catastrophic storm
Ondoy that crippled most of Manila. In the first week of the subsequent
administration, the same recommendations were reiterated.
In the midst of several disasters and emergencies, awareness must be
given due priority. These are among the essential steps toward a more
progressive economy, tourism, and national growth.
The 10-year program
One of the most important parts of the recommendations that we sent
Malacañang in 2010 after the devastation of Ondoy and the earthquake in
Haiti was a 10-year program. To be accomplished from 2010 to 2020, the
program is an initial plan and tentative scheme toward safer cities,
towns, and communities. The government must promote flood-proof,
fireproof and earthquake resistant measures by designating open spaces
as evacuation places in urban areas, develop and strengthen urban
facilities which can be used as comfortable disaster-proof living zones
by creating individual citizen awareness for disaster prevention and
response.
Among the adaptation and mitigation measures proposed by Palafox
Associates is the regular deepening of silted lakes, rivers, creeks, and
other waterways, coupled with pollution abatement measures and proper
solid waste management. This way, our water bodies can hold more
floodwater and reduce flood levels. In line with this, the hills and
mountains near the catch basis should be reforested to help absorb more
floodwater.
But more importantly, however, is the need to update Daniel Burnham’s
1905 plan for Metro Manila, the 2004 MMEIRS Report, the 1976-1977
Mmetroplan, and the 2003 Manila Megalopolis Concept Plan 2020 to serve
as guidelines for the LGUs, national government, and the citizens to
follow.
Immediate action needed
However, since mitigation measures like flood control and drainage
infrastructure being made by the government will most likely see results
more than 10 years from now, adaptive measures are the immediate
response our country needs since we get flooded every year and
earthquakes, fires, and other disasters may happen anytime.
In this case, it is imperative that we try to provide immediate
mitigation measures since our country gets its fair share of natural
disasters. By identifying the areas that are liable to disasters,
auditing the codes, and controlling development in these areas by
imposing restrictions and regulations will help save hundreds of lives
every year. Creating flood zoning overlay maps using the area’s 100-200
year flooding history to separate living spaces from flood-prone areas.
Special attention should be given to the Laguna Lake and Pasig River,
where essential adaptive infrastructures should be constructed, among
them, the construction of the Parañaque spillway and road dikes around
Laguna Lake. When constructed, the spillway will flush out floodwaters
out of the low-lying areas during typhoons more quickly and thus prevent
lasting damage to properties.
Earthquakes and floods
In the aftermath of the Bohol and Cebu earthquake last October 15, it
has been brought to light how some of the buildings affected in the
earthquake were not structurally fit enough to withstand a high
intensity earthquake. These brittle skeletons were laid bare after the
earthquake and exposed the grim truth that cheap, substandard materials
and shortcuts in labor procedures were employed in the structures,
worsened by the bureaucracy and red tape in securing building permits.
There may be building officials and government engineers who do not
review the structural calculations/seismic analysis of particular
projects reportedly because of bribes.
When designing a building/ establishment, performance-based design
should be used, among them, implementing an “under reinforced system” on
the structural design of a building/establishment to see the cue of
failure/cracks on the concrete before it reaches its maximum tolerable
stage, follow technical specifications provided by the structural
engineer. Routine inspection and structural audit of all buildings
particularly the old ones in our cities and provinces should be done,
and if found unsafe, should be immediately put up for demolition.
Seismic evaluation and rehabilitation designs of existing buildings
using carbon fiber and dampers should be integrated. Developers should
also identify the location of earthquake fault lines within the vicinity
so that structural engineer can make adjustments in their structural
design.
Since earthquakes and tsunamis go hand-in-hand for those living in
coastal areas, there should be a provision for the construction,
improvement, and security of residents in case of tsunamis. Anti-tidal
wave facilities like breakwaters and embankments and geotechnical
studies should be included as well. In terms of infrastructure,
evacuation sites should be at least 10 hectares and 1 square meter per
evacuee, and construction of quakeproof conduits with utility tunnels,
safety devices and facilities should be done as well.
For flood-prone areas in the country, necessary infrastructures
include securing water supply stations within 1.5-2 km from every
household, roads should have permeable pavements, parks and apartment
complexes should enable non-building spaces as flood control lakes to
serve as multi-purpose flood-control lakes, and buildings should have
underground water holding capacities.
Due to the rising sea level, our country can minimize flood damage to
lowlands by finding out past flood records and promoting vertical and
adaptive architecture. By enabling the sewerage systems to store
rainwater and installing filtration boxes, it helps strengthen drainage
systems in urban areas. To prevent landslides caused by heavy rainfall
in mountain and hillside villages, sand-arresting works and
reforestation through tree planting is needed.
The biggest challenge architects, designers, engineers, and planners
face in developing countries today is redefining the architecture and
planning of the rapid urbanization to meet the demands of the growing
economy and population. As the number of disasters brought about by
climate change, inadequate infrastructure, and obsolete practices in
planning, zoning, and urban development increase, our response to the
built environment will reflect how we perceive our immediate
surroundings as well as our roles as its caretakers and stewards for
future generations.
source: Manila Times Column of by Felino A. Palafox, Jr.
BACOLOD CITY — Locally based PanAsiatic
Call Centers, Inc., which is also known as PanAsiatic Solutions, plans
to hire 4,000 more workers with the planned opening of its second center
here early next year.
Siony T. Hijara, PanAsiatic site director
and general manager, said in a recent interview here that this plan will
bring the company’s total work force to 7,000.
She said positions will be open to residents of Bacolod as well as those from other cities and towns of Negros Occidental.
“We hire everybody to the ranks and promote them from the inside, so we promise them a career,” Ms. Hijara said.
PanAsiatic — which offers sales, customer care, technical support and
back-office services — started operations here in 2010. By the end of
last year, the company had a work force of 3,000.
Ms. Hijara said the company plans to start operations of its second
center — located near its headquarters and the Bacolod Government Center
in Barangay Villamonte — by February next year.
On its Web site, PanAsiatic said it has served a number of “Fortune 500 companies across the globe…”
The company said its competitive thrust has been “to fill the gap in the
service market for a world-class call center operation at competitive
rates.”
“You no longer need to go to the top players in the space and pay top
dollar to get optimal levels of cost, quality, reliability and service,”
according to its Web site.
Ms. Hijara said the company recruits under its Barangay ACHIEVE program,
which channels job openings for customer service representatives and
operations support staff through barangay officials who then identify
possible candidates.
Since 2010, she said the company has celebrated many milestones such as
partnership with the city government of Bacolod and the province of
Negros Occidental, completion of its chapel, and construction of its
second building. -- C. G. Samillano
THE COUNTRY’S leading organization of
socialized and low-cost housing developers recently called on its
members and other developers involved in the efforts to provide decent
mass housing to submit not later than March 31, 2014 an inventory list
of their unconstructed socialized housing components for these to be
credited in their socialized housing compliance.
Pursuant to the directives of Housing and Land Use Regulatory Board
(HLURB), the Organization of Socialized Housing Developers of the
Philippines, Inc. (OSHDP) led by its President, Lawyer Christopher Ryan
T. Tan, OSHDP made the call following the recent issuance of HLURB Memo
Cir. 19, series of 2013.
The circular requires developers of socialized housing projects to
submit to the HLURB Regional Field Office, where the housing project is
registered or located, a written declaration on these constructed
housing components.
Otherwise, these may no longer be used or credited in the developers’
compliance with the Balance Housing requirement under Section 18 of
R.A. 7279, the Urban Development and Housing Act of 1992.
Under this rule all housing subdivision developers shall build an
equivalent of 20% of the total units or of the cost of the development
into socialized housing to cater to the needs of the homeless
underprivileged, Atty. Tan explained.
For his part, Engr. Jefferson S. Bongat, OSHDP chairman, mentioned that the HLURB Circular applies to the following cases:
a) Utilization of the unconstructed housing components of the
socialized housing projects after the issuance of their license to sell
through joint venture with developers of main subdivision projects; and
b) Utilization of unconstructed housing components of socialized
housing projects which were devolved as advance compliance for future
main subdivision projects of the same developers.
THE INDUSTRIAL property market “was slow-moving for quite some time and now it has been picking up pace.”
Leading real estate advisory and services firm CB Richard Ellis
Philippines (CBRE) disclosed this current scenario for the country’s
industrial and manufacturing sector in its 3rd quarter market review.
The rise in manufacturing activity has led to increasing demand in leasing industrial real estate properties.
In 2013, warehouse transactions showed a typical area range of 3,000
square meters to 10,000 square meters with lease terms from 1 to 5 years
while manufacturing leasing transactions showed a typical area of 5 to
10 hectares with lease terms ranging from 15 to 25 years.
“The manufacturing sector of the country is generating renewed
interest globally and is proving to be a re-emerging growth industry.
CBRE added.
Manufacturing is a capital intensive industry requiring massive
tracts of land which is the primary reason for the long lease terms.
Industrial property transactions at these scales are expected to
translate into future expansions and fuel overall manufacturing growth.
During the second quarter of 2013, manufacturing yielded the second
highest growth of all economic sectors with a 10.3% year-on-year growth
rate and 9.7% on the third quarter.
This positive growth has been a result of expansion of firms to the
country and increased production volume from heightened global demand.
“Multiple agencies of the government have recognized the importance
of the industry for long-term economic growth and are collaborating with
the private sector to increase the expansion of manufacturing and
industrial firms to the country”. CBRE said.
Volume of production index in September grew by 16% year-on-year with
chemical products and furniture & fixtures topping the list.
Freeport zones Clark and Subic and the CALABARZON region are the
major manufacturing hubs of the Philippines. These are strategically
located in the fringes of Metro Manila with nearby seaports and airports
for easier access to transport goods domestically and globally.
One of the main concerns of firms expansion are costs, indeed the
Philippines posts relatively higher electricity costs compared to our
neighboring countries. However, as per any country, each has its own
strengths and handicaps.
Although the country lags behind power costs, it is globally
competitive in industrial land values and has a definitive advantage in
quality labor pool. The Philippines has the lowest median age in the
region of 23.4 with labor productivity on the uptrend. Specifically for
manufacturing, labor productivity grew by 3.84% and 4.46% in 2011 and
2012, respectively
Japanese and Korean Firms have shown recent interest on investing in the country’s manufacturing and infrastructure sectors.
Companies such as Canon, Brother, Murata, Bandai, Fujifilm and
Cemedine have alreadyannounced their manufacturing-related investments
in the country.
The Philippines is a globally competitive manufacturing hub for its
strategic location, strong macroeconomic fundamentals, favorable
demographics and cost effectiveness.
Other highlights of the latest Metro Manila Market review of CBRE includes:
• Expanding Office Market Show Strong Performance
Nearly 500,000 sqm of office space is expected to enter the market in 2013, of which 45% have come online in the third quarter.
• Residential Developers Continue To Tap Bond Markets
As domestic liquidity presents growth prospects for the economy,
capital markets have been tapped in developing residential projects.
• Investments Unfold in the Third Quarter
In recent years, however, the economy is rerouting towards becoming more investment-led and industrialized.
• Upcoming Holidays Spike Up Global- Local Retail Partnerships
Joint agreements between local businesses and global brands continue
to expand in the retail market as the holiday season draws near.
At the start of the year, property
consultancy firm CBRE Philippines said in its annual market outlook that
the Philippine real estate industry will have bright prospects
throughout 2013.
Sustained growth was projected for the
residential, gaming, leisure and business process outsourcing (BPO) or
office sectors due to strong investor confidence arising from good
macroeconomic factors and low interest rates.
True enough, the local property sector has continued to grow this year.
Claro Cordero, Jones Lang LaSalle Philippines' research, consulting, and
valuation head, gave an overview of the property industry's
performance.
"The local property sector sustained its positive performance in 2013,
supported by the continued growth of the major property demand
drivers---that is, the offshoring & outsourcing (O&O) and BPO
industry for the office or commercial sub-sector; the remittances from
overseas Filipinos for residential and retail sub-sectors; and continued
interest and potential on tourism for the hotel sub-sector," he said in
an email to BusinessWorld.
A healthy economy, growing domestic consumption, and a sustained inflow
of remittances---which, according to Mr. Cordero, encouraged more
international retailers to set up shop in the Philippines---buoyed the
retail property sector.
"The sustained demand has supported the moderate growth of rents in
retail mall developments," he said. "In 2014, new malls and retail
expansions are expected to complete, considerably adding to the current
retail stock."
The hotel industry, anticipating increased tourist arrivals because of
the Philippines' renewed tourism campaign, continued to start and
develop more projects. Mr. Cordero expects the Metro Manila hotel
supply, in particular, to "increase even further" in the next several
years.
"The majority of the upcoming hotel accommodations will be located in
the Entertainment City within Bay City," he said. "There are also a
number of hotels coming on stream in the established business districts
of Makati, Ortigas and Bonifacio Global City (BGC)."
Aside from a steady flow of remittances, a relatively low-interest rate
environment and flexible financing schemes helped the residential
condominium market's performance, according to Mr. Cordero. "In the next
few years, residential condominium supply is expected to further rise,
potentially doubling the current stock in Metro Manila by 2016."
FOREIGN FORCE
More investors and expatriates were also encouraged to establish offices
in the Philippines, which then increased the demand for high-end
apartments in premium residential areas near and within the central
business districts.
In an email to BusinessWorld earlier this year, CBRE Philippines
explained how foreign expatriates contributed to the increased demand
for high-end residential condominiums.
Initially, expatriates in the country were limited to renting, but with
the rapid appreciation of values for luxury developments---particularly
residential condominiums---it has become more cost-effective for
longer-staying expats to buy these units to live in, and eventually, for
investment. The Philippines allows foreign expats to own up to a
maximum of 40% of the property's entire sellable floor area.
They also explained that more restrictive realty laws in neighboring
Asian countries have made the Philippines a more attractive destination
for foreign expats.
In Hong Kong, the government's imposition of higher rates on stamped
duty taxes---an effort to control the properties' rapidly increasing
prices---have stymied investments in residential units. Meanwhile, in
Singapore, banks have imposed a lower loan-to-value ratio top of higher
rates on stamped duty taxes, forcing potential buyers to cough up a
larger outlay for acquisition of properties through financing.
This has led investors to look for properties elsewhere, and the
Philippines, which gained investment-grade ratings from Fitch Ratings,
Standard & Poor's, and Moody's this year, has become one of the more
feasible options.
Julius Guevara, associate director for valuation and advisory services
at commercial real estate consultancy firm Colliers International,
believes the demand for high-end real estate coming from expats in the
Philippines is "only being addressed."
This market has traditionally driven the high-end market, he explained,
especially in central business districts. Because of an expanding
economy, the growing BPO sector, and bleaker prospects abroad,
foreigners have been flocking to the Philippines, increasing the demand
for high-quality dwelling space.
According to him, rental growth in posh villages such as Forbes Park has
been escalating steadily since lack of land prevents new exclusive
subdivisions from being built near the central business districts. While
there has been a strong demand for condominiums in the past few years,
these projects were mostly focused on studio-type to one-bedroom units.
The demand coming from foreign expatriates is for larger units.
"Luxury condo development has been growing the past couple of years, but
we will see their completion in another four to give years," he said in
an email earlier this year. "As of now, there will still be some unmet
demand for this segment; this is reflected in the low vacancy rates in
premium properties in Makati, Rockwell and Bonifacio Global City."
OUTLOOK ON OFFICES
The growing O&O industry, said Mr. Cordero, contributed to the
resiliency of rental rates in the commercial office property sector.
"The healthy demand for office space has buoyed the moderate growth of
rents and capital values of Grade A office space," he said.
"Consequently, property developers were encouraged to launch new office
projects in different districts in Metro Manila, further increasing the
level of upcoming office supply in the next few years."
At a press briefing held last month, Joe Curran, general manager of
commercial real estate services firm Cushman & Wakefield's (C&W)
local arm, also noted that office spaces have fared well in driving
growth in the local property sector.
According to C&W research, Manila has posted a highly competitive
vacancy rate of 4.3% as of the third quarter this year, and it remains
one of the locations with the lowest vacancy rates in Asia-Pacific's
emerging markets. It has also outperformed the rest of the countries in
the Asia-Pacific region in terms of net absorption, which totaled to an
estimated 482,126 square meters, with new supply of 332,786 square
meters coming in during the same period.
Manila also ranked above markets such as Mumbai and Bangalore in India,
mostly due to the healthy demand driven by the IT-BPO sector.
"This means companies are continuously increasing their head counts, and
they are expanding not only in Metro Manila but in other cities in the
Philippines as well," said Mr. Curran at the event.
In real estate, vacancy rate is the percentage of all available units in
a rental property that are unoccupied at a particular time. This means
low vacancy rates denote strong rental sales, while high vacancy rates
indicate weak rental sales. Absorption rate, on the other hand, is the
rate at which available units are sold in a specific real estate market
during a certain period of time. A high absorption rate, therefore,
suggests a rapidly shrinking supply of available units.
Taguig and Makati have witnessed 59% and 29% of the absorption,
respectively, with Makati posting the lowest vacancy rates and highest
year-on-year change of 11% in terms of weighted average rental values.
C&W said that incoming office supply over the next two years is
estimated at 1.2 million square meters in key areas around Metro Manila,
with BGC accounting for 42% of new supply.
"The Fort is continuously being a top player in the office space sector,
attracting both outsourcing and non-outsourcing firms," said Mr.
Curran.
The performance of Metro Manila's office sector, compared with that of
other cities in the region, is a testament to how strong the market is
today, added Mr. Curran.
C&W expects that in the next three to five years, "green" buildings
will become more ingrained in the industry. The Philippines will also
enter a "tenant's market" phase since investors will be inclined to buy
strata-titled office spaces, which allow for several unit owners across a
single property.
Completions are expected to be thin in the first half of 2014, said Mr.
Curran, as developers are set to complete projects only by the end of
the year, perhaps well into 2015 and 2016. While C&W expects this to
put pressure on prices and vacancy, the stable growth of the BPO
industry will continue to fuel office space expansion in key locations
in the country.
SOARING, BUT SOBER
Last November, Bangko Sentral ng Pilipinas governor Amando Tetangco,
Jr., to quell worries about a possible real estate bubble in the
country, explained that current real estate activity translates to
presence of demand.
"Property developers don’t build if they don’t think there’s demand," he
said in a previous BusinessWorld interview. "They have changed their
business model. Pre-Asian crisis, if they are building a four-tower
development, they build at the same time. Now, it’s one tower at a
time."
Despite, or perhaps even because of, the optimism about the property
industry, Mr. Cordero still cautions against overzealous building.
"Developers should be able to read market signals by undertaking
thorough studies and analyses, to know when excessive building may
actually not work in their interest to protect market values," he said.
"Well-paced building and development plans can contribute to sustainable
and lasting market growth."
The
Philippine Deposit Insurance Corporation (PDIC) is set to sell via
public bidding on an “as-is, where-is” basis on November 25, 2013 a
total of 177 real properties with a combined minimum disposal value of
P39.1 million.
The public bidding will be held at the Session Hall, 2nd Floor, Sangguniang Panlunsod, General Santos City. Opening of bids will start at 2:00 p.m.
Up for bidding are closed banks’ assets consisting of
commercial and residential lots located in the various provinces of
Mindanao including Zamboanga Del Norte, Zamboanga Del Sur, Zamboanga
Sibugay, Bukidnon, Camiguin, Lanao Del Norte, Misamis Oriental, North
Cotabato, South Cotabato, Sarangani and Sultan Kudarat.
Under the “as-is, where-is basis” bidding,
prospective buyers are advised to physically inspect the properties they
are interested to buy, assess and verify the land titles and other
documents, and determine unpaid taxes, fees or expenses, if any, before
submitting their bids.
The PDIC will receive sealed bids only from direct
buyers at the bidding venue on November 25, 2013 from 9:00 a.m. to 2:00
p.m. No extension will be given for the submission of bids. Bidders are
likewise advised to come at least one hour prior to opening of bids for
the registration. In addition, bids shall be accepted from Filipino
citizens only, or from corporations or associations which are at least
60%-owned by Filipino citizens.
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 or Cashier’s Check issued by a commercial bank. The winning
bidder is required to pay the balance of the bid price not later than
December 4, 2013.
Bid documents such as Bid Forms, Conditions of Bid,
and acceptable formats for the Special Power of Attorney and Secretary’s
Certificate may be downloaded from the PDIC website, www.pdic.gov.ph.
The list of property descriptions, vicinity maps and
lot plans are also available at the PDIC website. For further
information, interested bidders may contact Mr. Ferdinand M. Beluan of
the Asset Management and Disposal Department II at telephone numbers,
(02) 841-4772 or (02) 841-4770.
* * * * *
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, www.pdic.gov.ph.
