THE Pag-IBIG Fund, through its Loans Management and Recovery Department, will conduct a sealed public auction at 10 a.m. on Dec. 18 for house-and-lots and lots forfeited from borrowers who failed to pay their amortizations.

Ma. Victoria B. de la Peña, vice president for members services branch operations in Visayas and Mindanao, said the public bidding is to dispel doubts that the acquired assets are reserved for the agency’s employees.

Lawyer Lovella L. Albina, assistant department manager for loans origination, said the acquired properties are located in the different subdivisions in the cities of Lapu-Lapu, Mandaue, Cebu, Talisay and Danao and the towns of Compostela, Consolacon, Liloan and Minglanilla.

In the general guidelines, interested parties are required to secure copies of instruction to bidders, and offer to bid at the Acquired Assets Management at the third floor of the Pag-IBIG Fund building at the Cebu Business Park.

“The properties shall be ‘as is where is’,” Albina said.

She said that interested buyers are encouraged to inspect the properties before tendering their offers. The list of the properties can be viewed at www.pagibigfund.gov.ph/aa/aa.aspx.

Albina added that the bid offer cannot be lower than the minimum bid set by Pag-IBIG Fund.

She added that each bid proposal will be accompanied by a bidder’s bond, either in cash or manager’s check issued by any commercial bank payable to Pag-IBIG Fund, equivalent to 10 percent of the bid price.