PNB eyes P1 billion from sale of assets

MANILA, Philippines — Lucio Tan’s Philippine National Bank (PNB) is set to dispose close to P1 billion worth of real estate properties located mostly in the National Capital Region (NCR) via a public bidding in the middle of next month.

On top of the list is a commercial lot located along Quintin Paredes St. in Binondo, Manila valued at P800 million as well as commercial condominium units at the Isetann Cinerama complex along Recto Ave. in Quiapo, Manila worth P50 million.

The bank controlled by the tobacco and airline magnate is also disposing a residential land with improvement in Pasong Tamo, Quezon City valued at P20 million.

PNB is likewise selling a commercial land with improvement at the Limketkai Center in Cagayan de Oro, Misamis Oriental for P100 million.

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 starting Nov. 27 until 9am of Dec. 15 this year.

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.

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 said in its invitation.

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

Last Nov. 8, PNB auctioned off over P10 billion via the sale of close to 100 properties in Luzon, Visayas and Mindanao next month.

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

From January to September this year, PNB reported an 18.9 percent increase in net income to P13.5 billion, attributed to the growth in its core lending and fee-based operations.

“We continue to be focused on sustaining our profitability while enhancing our efficiencies. We aim to be responsive to the needs of our customers and help them achieve their financial and business goals as our economy continues to recover,” PNB president Florido Casuela earlier said.