Public Sealed Bidding Prime Properties of Philippine National Bank – July 30, 2010
Increase Font Size Decrease Font Size
Date: July 30, 2010
There will be a Pre-bidding conference on July 27 at the PNB-Sams Head Office.
Sealed Bidding Terms of Reference:
1. For purposes of definition, the highest complying bid is the complying bid with the highest net proceeds to the Bank.
2. Sale of the property on an “As is- Where is” basis.
3. Sealed offer/s must be placed in an envelop containing the following:
- Bidders should use the bank prescribed “purchase proposal form” accompanied by Buyer’s Information Sheet. If a bidder is a representative of a corporation, the representative must submit a Secretary’s Certificate to represent the said corporation.
- Sealed offer/s to buy must be accompanied by non-interest bearing deposit of at least 10% of the offered purchase price in the form of Cashier’s/Manager’s Check payable to PNB.
- Proof of income such as Certificate of Employment, Income Tax Return and other audited financial statements should be included in the sealed envelop if payment of the bid is installment basis.
4. As a general rule, “No Bid Below Floor Price Shall Be Accepted”
5. No withdrawal of bids shall be allowed once the bid has been submitted. Any Withdrawal of bid should result to the forfeiture by PNB of deposit. Upon selection of the highest complying bid, all non-winning offer including the deposit shall be returned accordingly.
6. In case two or more highest complying bids are identical, the following shall be considered:
- The bid on cash basis shall be considered as the winning complying bid
- If all bids are on installment basis, the bid with the least number of years for installment payments will be acknowledged as the winning complying bid.
- If two or more bids are identical in amount and terms, a private sealed bidding shall be conducted on the next working day.
7. In the event that the highest complying bid fails to comply with the specified payment terms, the 10% deposit shall be forfeited as penalty.
8. PNB shall be responsible in the payment if Creditable Withholding Tax (CWT) up to selling price only and excess shall be for the account of the winning bidder. All other expenses such as documentary stamp tax, transfer tax, registration fees related to the transfer of the title in the name of the winning bidder shall be for the exclusive account of the winning bidder.
9. PNB reserves the right to reject any and all bids at its sole discretion, waive any defects or informality on the bids received and accepts the bid most advantageous to PNB but does not guarantee that any award shall be made.
10. PNB does not assume any obligation whatsoever to compensate or indemnify any bidder for any expenses that may incur in the bidding process.
11. PNB reserves the right to withdraw the foregoing property at any time before the deadline of submission of bids.
12. PNB’s decision is final and binding.
13. For submission procedures, please contact us.
To download the entire listing, click here
Houses For Sale in the Philippines was built to feature houses in the Philippines worthy of selling to those who work hard for the money they have. It also stemmed from the unfortunate incident we had with buying a property that up to this day, was not turned over to us. 
