DBP to bid out P80 M worth of properties

MANILA, Philippines - State-run Development Bank of the Philippines (DBP) will be disposing P80.27 million worth of properties through a bidding next week.

In an invitation to bid, the bank said two adjoining lots in Camarines Norte worth P16.99 million and four adjacent industrial lots in Davao worth P18 million would be available on Oct. 29.

A commercial or residential lot in Eastern Samar worth P11.72 million and 15 individually titled lots in Laguna with an aggregated sum of P40.55 million would also be up for grabs.

DBP said it would receive sealed bids on Oct. 29 at the bank’s head office in Makati City.

Bidders have been reminded to inspect the properties before participating as the properties would be auctioned off on an as-is, where-is basis.

“DBP reserves the right to reject any or all bids, to waive any formality therein, or to accept such bids as may be considered most advantageous to the bank. The decision of the bank is final and binding,” the bank said.

DBP grew its net income by 19 percent to P2.35 billion in the first half from P1.97 billion in the same period in 2014.

Fitch Ratings earlier this month upgraded its credit outlook on the bank to “positive” from “stable” as it believes the country’s better prospects would be able to support the banking sector in times of crisis.

Fitch has a “BB+” grade awarded to the bank, reflecting DBP’s moderate asset quality and satisfactory capitalization, and funding and earning profiles.