The Government Service Insurance System shall conduct another public bidding of GSIS foreclosed properties on December 13, 2016.
The location of the properties included in the public bidding are Bulacan (Plaridel, San Jose Del Monte, San Rafael), Cavite (Trece Martires), and a lone foreclosed property in Fairview, Quezon City.
This list contains a total of 85 foreclosed properties from the GSIS.
Public bidding details
According to the complete list and general guidelines published in the GSIS website, the pubic bidding shall be held on December 13, 2016, Tuesday, from 8:30am to 10:00am. Interested parties are to submit sealed bids at the Level 3, Core G, Conference Hall, GSIS Building, Financial Center, Roxas Boulevard, Pasay City.
The complete list of GSIS foreclosed properties included in the public bidding can be found below.
How to buy GSIS foreclosed properties
The procedure on buying foreclosed properties from the GSIS is explained in detail in the general guidelines, which I have quoted below in verbatim.
Republic of the Philippines
Government Service Insurance System
Financial Center, Pasay City, Metro Manila 1308
- Disposal of GSIS Investment Properties – Retail Units (IP-RUs) is through a competitive public bidding Acceptance of Purchase Offer shall start on the scheduled bidding date and time.
- Dropping of bid envelopes inside the designated bid box will be on the date of auction from 8:30 a.m. to 10:00 a.m. Opening of Bids will immediately follow.
- Disposal of GSIS IP-RUs is on “As-is Where-is” basis. Interested bidders are enjoined to personally inspect the GSIS IP-RUs for sale. “As-is Where-is” is defined as the present physical condition of the retail unit that GSIS is selling and the buyer is buying, “with all attendant faults, if any,” whether or not immediately apparent and without any express or implied warranty. The buyer takes this condition at his or her own risk, without recourse against the GSIS as to their condition. This includes knowledge by the buyer of the presence of occupants in the retail-unit being purchased.
- Strictly, “One bidder, One specific property” only, which means that a bidder cannot submit two (2) or more bids for one property. A bidder may submit one bid each to as many properties as he wants to buy, as long as, he posts a bidder’s deposit for each property in an amount provided below. The bidder must present valid government IDs upon registration on the date of public bidding.
- Purchase offer may either be in Cash or through External Financing Institution.
- A downloadable bid form shall be properly accomplished with the following data:
a. Name and complete address of the bidder
b. Exact address of property you are interested to bid
c. Transfer Certificate of Title No.
d. Amount of bid (in numbers and in words)
e. 10 % Bidder’s Deposit equivalent to 10% of the total amount of Bid Offer
f. Signature of the bidder/representative
- Bid proposal shall be written in words and in figures and shall not be lower than the Minimum Bid Price of the property published in the newspaper or posted in the GSIS website. Should there be a difference in the amount in words and in figures, the amount in words shall
- Bidders’ deposit equivalent to at least 10% of the Bid Offer shall be in the form of MANAGER’S CHECK payable to the Government Service Insurance System
- The following shall be inserted in the sealed bid envelope :
a. properly accomplished Bid Form (form can be downloaded from www.gsis.gov.ph)
b. Manager’ s Check payable to Government Service Insurance System representing deposit equivalent to at least 10% of the Bid Offer
c. duly notarized Special Power of Attorney (SPA), if the bidder is an authorized representative
d. pre-conditional approval from PBCOM, if applicable
- The following information shall be clearly written outside the sealed bid envelope (mailing envelope)
|(Address of Property you want to bid)
Block No. ______ Lot. No. ______ Phase No ______
Name of Subdivision
Address of Subdivision
TCT NO. ________
__________ thru External Financing Institution
Name of Bidder:
- Interested bidders planning to purchase the GSIS property through External Financing Institution (EFI) shall first secure certification from accredited banks stating that he/ she is qualified to avail of a loan from External Financing Institution and insert inside the bid envelope.
- The existing tenant or occupant or his duly authorized representative through a valid Special Power of Attorney (SPA) has the right to match the offer of the declared highest bidder, provided:
a. he/she is present during the bidding
b. participated in actual bidding
c. presently occupying the property subject of bidding supported by the following proofs of occupancy:
c. 1 Barangay certificate that he/she is occupying or residing in the subject property
c. 2 Any valid government identification document with his/her address similar to the address of the property he/she is bidding.
- If the occupant will exercise his/her right to match the offer of the declared highest bidder, he/ she need not secure another bank pre-qualification corresponding to the matched offer. Instead, he/she shall pay the equity in cash as stated in Notice of Approval of Sale (NOAS). The equity shall be computed as the difference between the Letter of Guarantee from the bank and the offered bid amount.
- The declared highest winning bidder shall submit within the day of the actual bidding, the following documents:
a. duly accomplished Personal Profile/Company Profile/Corporate Profile, whichever is applicable (form can be downloaded from www.gsis.gov.ph);
b. photocopies of two valid IDs (one should be a government-issued ID);
c. Articles of Incorporation/Partnership, By-Laws and current General Information Sheet, for corporation/partnership, if applicable;
d. Registration Certificate from SEC for corporation/partnership, DTI for sole proprietorship and CDA for cooperatives, or any proof of such registration, if applicable;
e. current Mayor’ s permit issued by the city or municipality where the principal place of business of the winning bidder is located, if applicable.
- A Notice of Approval of Sale (NOAS) shall be issued to the highest/winning bidder on the day of bidding. In case the bid is thru EFI, the equity shall be paid in cash within thirty (30) calendar days from receipt of Letter of Guarantee (LOG) by the GSIS. The equity is the amount corresponding to the difference between the LOG and the Offered Bid Amount.
- Upon issuance of the NOAS to the highest/winning bidder, the Bidder’ s Deposit of the other non-winning bidder/s shall be returned immediately.
- Non-compliance with the terms and conditions stated in the NOAS shall result in the forfeiture of the bidder’s deposit.
- In case the highest/winning bidder fails to comply with the requirements within the specified time, the GSIS shall write the second highest bidder to confirm if he/ she is still interested to acquire the property. If still interested, GSIS will require him/ her to pay the non-refundable deposit equivalent to ten percent (10%) of his/her previously submitted bid amount and will be issued NOAS.
- GSIS reserves the right to waive any formality or to reject any or all bids received. The list of properties available for sale may be updated without prior notice.
- For inquiries, you may call Real Property Accounts Management Department at telephone nos. 479-3536 or 976-4619.