PNB to sell P10 billion assets

MANILA, Philippines — Philippine National Bank (PNB) is raising over P10 billion via the sale of close to 100 properties in Luzon, Visayas and Mindanao next month.

The Lucio Tan-led bank is bidding out 83 residential, commercial and agricultural properties in Luzon valued at P9.73 billion.

Of the total number, 17 residential and commercial properties worth P5.54 billion are in the National Capital Region (NCR), particularly Las Piñas, Parañaque, Makati, Valenzuela, Taguig, Quezon City, San Juan and Marikina.

The bank is rebidding a commercial area in a 35,435-square-meter lot along Alabang Zapote Road in Las Piñas worth P2.53 billion, a 60,158-square-meter commercial building along FJ Aguilar Ave. also in Las Piñas valued at P1.51 billion as well as a residential and commercial property in Marina Baytown West in Asia World City located in Parañaque City worth P1.18 billion.

PNB is also selling a 510,479-square-meter residential lot in Tagaytay City valued at P1.68 billion as well as a huge residential property covering 1.94 million square meters in Calatagan, Batangas for P1.19 billion.

PNB is also bidding out four properties in the Visayas worth P150.3 million as well as five assets in Mindanao valued at P918.5 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 a.m. of Nov. 8.

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.

The  bank said the bidding is open only to direct buyers and not brokers, agents or referrers.