August 13, 2008, Wednesday, CICC
 
• 08:00 am – Start receiving of items for auction
• 10:00 am – Start of Exhibit of items for public viewing
• 1:00 pm to 6:00 pm – Auction proper
 
This is not your usual auction – here the price goes lower and lower! It is patterned after the Dutch Auction, a reverse method used to sell billions of dollars of Dutch flowers worldwide. This auction starts with the high price first, and is progressively lowered until somebody accepts the price or the minimum is reached. This is very fast as the sale never requires more than one bid.
 
Hundreds of items will be auctioned off, from antiques to hotel/resort stays, to furniture export overruns, to electronic items/ gift collections. A listing fee starting at P20 will be collected, and a small commission collected only if the sale is done. For sellers, this is a place to sell your excess items, and for buyers, this is a place to look for great bargains!
 
The interested seller should log in to the website to register the product they want to sell. He/she should choose the following categories on which he/she will register the item:• Antiques
• Art
• Cell Phones & PDAs
• Clothing, Shoes & Accessories • Collectibles
• Computers & Networking
• Consumer Electronics
• Crafts • Gift Certificates
• Home & Garden
• Jewelry & Watches
• Toys & Hobbies
• Travel
• Everything Else

Afterwards, he must submit the following:• At least one picture ( .jpg or .gif)
• Description
• Reference
• Condition
• Weight and Size
• Starting Bid Price
• Amount per Downtick ( should not be less than 0.1% of the starting bid price).
- Minimum Acceptable Price (will not be published in the web)
The starting bid price is the price that will start during the bid. Of course, if the buyer sees it on the web, and is willing to pay the starting price, then the item may consider to be sold without going to the requisite bid.
Example: the person wants to sell a cell phone. He publishes the details, and says that the starting bid price is 10,000 pesos, and the minimum acceptable price is 8,000. So if a buyer is willing to pay 10,000 pesos, then the item will be negotiated and sold even prior to the auction date. If not, then the auction will start with 10,000 pesos, and the price will go down on the downtick the user specified - in this case, if it is 100 pesos, then the auction will go from 10,000 to 9,900 to 9,800 and so on till a buyer raises his hand. If the bid will end up with 8,000 pesos ( the minimum acceptable price) and nobody is still willing to take, then the item is taken off the auction block and considered a NO SALE.
 
The cost of registering the item on the website will be:- P20 for items with starting bid price of P10,000 pesos or less- P30 for items with starting bid price of P10,001 to P20,000 - P40 for items with starting bid price of P20,001 or more
 
That will be paid for registration. If there is a sale, the seller will also contract to pay 10 percent of the price to Mandaue Chamber of Commerce and Industry and/or its designated charity. The seller should take into account this commission when he/she sets the bidding and the minimum acceptable price. MCCI will also make available credit card facilities and will absorb the credit card fees if payment is made by credit card, but they will only pay the seller upon the successful debiting of the amount to MCCI.
 
Event Owner and Partners: Melanie Ng MCCI, Ruby Salutan CFIF, Jenifer Cruz GTH