General guidelines

1. Disposal of GSIS Investment Properties – Retail Units (IP-RUs) is through a competitive public bidding process. Acceptance of Purchase Offers shall start on the scheduled bidding date and time.

2. Dropping of bid envelopes will be on the date of bidding from 8:30 AM to 10:00 AM only. Opening of Bids will immediately follow. Late bid envelopes will not be accepted

3. Disposal of GSIS IP-RUs is on an “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.

4. 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/she wants to buy, as long as, he/she posts the required 10% bid deposit of the total bid price for each property. The bidder must present valid government IDs upon registration on the date of public bidding.

5. Purchase offer may either be in Cash or an accredited through External Financing Institution (EFI).

6. A downloadable bid form shall be properly accomplished with the following data:

a. Date of Bidding
b. Name of the bidder
c. Exact address of property you are interested to bid
d. Transfer Certificate of Title No.
e. Mode of Payment
f. Amount of bid (in numbers and in words)
g. Signature of the bidder/representative

7. Bid proposal shall be written in words and in figures and must not be lower than the Minimum Acceptable Offer of the property. Should there be a difference in the amount in words and in figures, the amount in words shall prevail.

8. 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.

9. The following shall be inserted on a sealed bid envelope:

A. ALLparticipating bidders must insert:

a.properly accomplished BID FORM

b.MANAGER’S CHECK payable to Government Service Insurance System representing deposit equivalent to at least 10% of the Bid Offer

B. If the bidder is being represented by an authorized representative, a corresponding Special Power of Attorney (SPA) must also be included

C. If the bidder is the occupant of the subject property, two (2) proofs of occupancy must also be inserted. These are:

a. Barangay certificate that the bidder is occupying or residing in the subject property; and

b.Valid Government Issued ID with an address showing that the bidder is currently residing in the subject property, or the Latest Billing Statement under the Bidder’s Name that shows he/she is currently residing in the subject property.

10. 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. _____

Name of Bidder:

Mailing Address:

11. 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 and
B. Inserted the two (2) proofs of occupancy inside his/her bid envelope as indicated in Number 9 of these guidelines

12. If the occupant will exercise his/herRight to Matchthe offer of the declared highest bidder, he/she shall adjust his/her initial deposit based on the bid amount of the declared highest bidder. He/she must also pay the adjusted deposit on the day of bidding.

13. The declared highest/winning bidder shall submit within fourteen (14) calendar days of the actual bidding,the following documents:

A. If the winning bidder is an individual,

a.duly accomplished Personal Profile (with attached recent two (2) pieces of 2×2 ID pictures of the winning bidder)

b.photocopies of two (2) valid IDs (at least one should be a government-issued ID)

B. If the winning bidder is a corporate entity or partnership,

a. duly accomplished Company/Corporate Profile

b. Registration Certificate from the Securities and Exchange Commission(SEC)

c. Articles of Incorporation(if corporation), Articles of Partnership (if partnership), General Information Sheet, and By-Laws duly certified by the SEC

d.Current Mayor’s Permit issued by the city or municipality where the principal place of business of the winning bidder is located

C. If the winning bidder is a cooperative,

a.duly accomplished Company/Corporate Profile

b.Cooperative Development Authority Registration or any proof of such registration

c.Current Mayor’s Permit issued by the city or municipality where the principal place of business of the winning bidder is located.

14. A Notice of Approval of Sale (NOAS) shall be issued to the highest/winning bidder on the day of bidding. The Bidder’s deposit of the other non-winning bidder/s shall be returned immediately.

15. the deposit equivalent to at least ten percent (10%) of the Bid Offer shall be paid on the day of bidding. The 90% balance of the bid amount shall be paid either in cash or in manager’s check within thirty (30) calendar days from receipt of NOAS, without privilege of extension.

16. Non-compliance with the terms and conditions stated in the NOAS will result in the forfeiture of the bidder’s total deposit..

17. In case the highest/winning bidder fails to comply with the requirements within the specified time, the said NOAS shall be deemed automatically revoked and the highest/winning bidder shall be informed in writing. The second highest bidder, if any,shall be informed in writing if he/she is still interested to acquire the property. If still interested, he/she must remit the required non-refundable 10% deposit within three (3) working days after receipt of notice from GSIS.

18. 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.

Source: GSIS Official website