As a result, bank officials have declared Aug. 24 as the public bidding date for the sale of the P12.5-billion bad assets, which should be able to result in the subsequent formation of a special purpose vehicle (SPV).
Upon the formation of the SPV, it will be immediately registered with the Securities and Exchange Commission (SEC) to avail of the incentives offered by the SPV Law.
Deadline for the registration of the SPV is next month.
Among the interested entities already conducting due diligence on PBCom are the Bank of America (BA), Deutsche Bank, Sovereign Fund, and Marathon Fund.
Lehman Brothers will "set up shop" in one of the date rooms starting next week.
Among the local groups that signified their interest are Ayala Corp. and Robinsons Land Corp.
"I am very encouraged by the response of the market, and optimistic to beat the September deadline," PBCom president and chief executive officer Isidro C. Alcantara Jr. said.
Last month, the Bank of the Philippine Islands (BPI) managed to sell P8.6 billion in non-performing loans (NPLs) to Morgan Stanley Emerging Markets Inc., making it the first successful sale by a local expanded commercial bank to a foreign asset management companies (AMC).
The P8.6-billion deal was structured under the SPV system of disposing of bad assets. Morgan Stanley and the BPI has filed their application documents with the SEC to avail of the incentive packages under the SPV Law.