PNB ramps up sale of assets

MANILA, Philippines — Lucio Tan-led Philippine National Bank (PNB) continues to ramp up the sale of various assets, as it aims to raise close to P4 billion next month via the sale of commercial and real estate properties nationwide.

On top of the list of assets to be sold through a public bidding is a 200,042-square-meter commercial lot with improvements worth P2.3 billion in Bacolod City, followed by a 510,479-sqm residential land in Tagaytay City valued at P1.68 billion.

The bank is also selling several commercial, residential, and industrial lots in the provinces including a commercial and residential lot in Daet, Camarines Norte (P234.2 million); commercial land in San Fernando, Pampanga (P124.9 million); commercial land in Cabanatuan City, Nueva Ecija (P120 million);  commercial land with improvement in Pagadian City, Zamboanga del Sur (P102.7 million); commercial land in Silang, Cavite (P80 million); commercial lot in Butuan City (P30.74 million) and an industrial land in Dumalag, Capiz (P28.7 million).

PNB is also bidding out a unit at the Pacific Plaza Condominium along Ayala Ave. in Makati City worth P58.24 million, a commercial and residential land with improvement in Valenzuela City valued at P16 million and a residential land with improvement in Quezon City worth P11.4 million.

In an invitation for a public sealed bidding, the bank said interested parties should submit sealed bids together with the 10-percent deposit in the form of manager or cashier’s check to the Acquired Assets Management Group at the PNB Financial Center in Pasay City until 9 am of March 23.

PNB encouraged prospective bidders to inspect the properties, including an examination of the legal status of the title prior to submitting their bids as the sale is on an as-is, where-is basis.

According to the bank, the winning bidder will take possession of the property only upon award subject to PNB’s approval, and the execution of the contract to sell or deed of absolute sale, and payment of relevant charges.

“PNB does not assume any obligation whatsoever to compensate or indemnify any bidder for any expense that may be incurred in the bidding process,” the bank stated in the invitation.

Last month, PNB auctioned P12-billion worth of acquired assets in the National Capital Region (NCR) and the provinces.

In April last year, PNB raised P3.68 billion from the sale of its foreclosed Manila North Harbor property to International Container Terminal Services Inc.