Pag-IBIG bidding out P189-M properties

MANILA, Philippines – Home Development Mutual Fund (HDMF) or Pag-IBIG Fund will be bidding out P189.02-million worth of properties located in Metro Manila and Cavite next week.

In an invitation to bid, the agency said it would be auctioning off a total of 513 units on Oct. 16 at the office of its Acquired Assets Management section in Mandaluyong City.

Up for grabs are 17 prime properties in Metro Manila and Cavite worth P23.24 million and 31 lots in Cavite worth P6.06 million.

Pag-IBIG Fund would also be bidding out 12 single attached units in Cavite amounting to P5.99 million, 25 townhouse units also in Cavite for P17.18 million, and 23 duplex units in Cavite worth P9.27 million.

At the same time, the auction includes 23 triplex units in Cavite worth P6.6 million and 382 row house units in Cavite amounting to P120.69 million.

Interested buyers have been advised to inspect the properties before submitting their bids as the properties would be sold on an “as is, where is” basis.

Bidders may view the properties and other auction details at www.pagibigfund.gov.ph/aa/aa.aspx.

Sealed proposals should be delivered between 9:00 a.m. and 12:00 p.m. at the office of Acquired Assets’ Secretariat on Oct. 23. Pag-IBIG Fund stressed no bids would be accepted earlier or later than the schedule.

Bid proposals should also be accompanied by a bond in cash or manager’s check equivalent to 10 percent of the bid price. The remaining 90 percent of the bid may be paid through cash made not later than 30 calendar days from the Notice of Award.

Winning bidders may also opt to pay the remaining balance through an installment basis but this should not exceed 12 months. The payment form may also be through a Pag-IBIG Housing Loan.

“Pag-IBIG Fund reserves the right to reject any or all bids, to waive any formality therein or accept such bids as may be considered most advantageous to the Fund. The decision of the Fund is final and binding,” the invitation to bid read.