Pagibig Acquired Assets is not fair

Pag-IBIG just confirmed: bidders can basically bid on a whim without any consequences. It’s like a popularity contest where the highest bidder doesn’t even have to show up! We need a bid bond ASAP to stop these time-wasters.

The current Pag-IBIG auction process seems to lack a sufficient mechanism to discourage non-serious bidders. The absence of a bid bond allows for frivolous bidding, which ultimately harms the interests of genuine buyers. A review of the auction guidelines is necessary to address this concern.

One good thing about this is that if you review Pag-IBIG batches from 2024 today, there are dozens of very good and attractive properties that were relisted—unoccupied and below market value. This is because they were bid on at excessively high prices, the kind that were bound to fail. People can get these types of properties at lower prices from individual sellers.

This "no bid bond and blacklisting" scheme is bound to fail. I'll just wait until it gets restructured and fixed, and I'll probably get four nice properties in one go. I've decided to chill for a while.

I am writing to inquire about two properties under Batch ID OPA1510011:

  • Property Number: xxx
  • Property Number: xxx

I understand that there might be a higher bidder for these properties. However, I would like to express my interest in purchasing them if the highest bidder decides not to continue with their offer.

My name is xxx My bid ID is xxx. My bid has been accepted and assessed.

I would be grateful if you could advise me on the following: * The current status of the highest bidder for these properties. * The process for moving forward with the purchase if the highest bidder decides not to continue.

SAGOT NI PAGIBIG

This is to answer your queries below.

 

 * The current status of the highest bidder for these properties.

We regret to inform that due to compliance with the Data Privacy Act, we are unable to provide you with the details information you have requested. In order to ensure the privacy and security of the data of our members.

  The process for moving forward with the purchase if the highest bidder decides not to continue.

If the highest bidder did not push through the application, it will be offered to the 2nd highest offeror however if the next offeror did not push through the application, it will be reposted again on our website.