News

Philippine ATMs to go under the hammer

November 19, 2013

The Philippine Deposit Insurance Corporation is set to auction off a total of 118 ATMs at public auction on Dec. 3. The machines, which have an aggregate minimum disposal value of P20.9 million ($479,577), are the former property of closed banks.

The public bidding will be held at PDIC facilities in Makati City. Machines will be sold on an "as is, where is" basis. Under such circumstances, prospective buyers are instructed by the PDIC to physically inspect the ATMs to verify their condition before submitting bids.

According to a statement issued by the PDIC:

The regular conduct of public biddings of closed banks' assets is in line with the PDIC's strategic direction of expeditious disposal of non-financial assets. ... This is also in support of PDIC's mandate as liquidator of closed banks. The PDIC converts the closed banks' assets into cash either through public biddings or negotiated sale to maximize recovery and facilitate distribution of assets to benefit the closed banks' uninsured depositors and creditors.

Read more about used and refurbished ATMs.