MANILA, Philippines – The Home Development Mutual Fund or Pag-IBIG Fund will be bidding out 1,018 lots and properties in the first week of December.
In an invitation to bid published last week, Pag-IBIG said these lots and properties are located in Cavite, Batangas, Bulacan, Laguna, Metro Manila, and Rizal.
These assets are made up of prime properties in Metro Manila and Cavite, condominium units, single attached and single detached units, townhouses, duplex units, triplex units, quadruplex units, row houses, and lots.
“Properties shall be sold on an as is, where is basis. All interested buyers are encouraged to inspect the properties before tendering their offers,” Pag-IBIG said.
The list of the properties for sale is available at the fund’s website, www.pagibigfund.gov.ph. Interested bidders may also visit or get in touch with the fund’s Acquired Assets Management office for the assets up for auction.
Bid offers for the 523 Cavite properties would be accepted on Dec. 8, while the bidding date for the 495 assets in Batangas, Bulacan, Laguna, Metro Manila, and Rizal has been set on Dec. 9.
Sealed proposals would be received by the fund at its Committee on Disposition of Aquired Assets’ Secretariat office in Mandaluyong City from 9 a.m. to 12 p.m.
The proposals would be opened immediately in the presence of the committee and attending bidders. Pag-IBIG stressed no bids would be accepted earlier or later than the scheduled time and date.
The fund reminded bidders that proposals must be accompanied by a bond either in cash or manager’s check equivalent to 10 percent of the bid price.
The highest bids would be declared as winners. In case of tie, such would be resolved by looking at the bidders’ cash offer or mode of payment, or the time of entry or registration at the auction room.
“If the winning bidder failed or refuses to push through with the purchase of the property, or fails to pay in full the remaining balance within 30 calendar days from receipt of the Notice of Award, he shall lose his right as winning bidder and the 10 percent bidder’s bond shall be forfeited in favor of the Fund,” Pag-IBIG said.