RCBC selling P300-M worth of ROPAs

The Rizal Commercial Banking Corp. (RCBC) will hold its second round of asset sale worth P300 million of foreclosed real estate properties next month. Real estate service provider CB Richard Ellis will serve as auction manager.

RCBC senior vice president and Asset Management Group head Adeline Carbonell said the auctions are part of the bank’s strategies to liquidate its inventory of real and other properties acquired (ROPAs). Other asset disposal schemes are public sealed bidding, SPVs and joint venture arrangements.

These properties are mostly residential lots in strategic locations, including Quezon City, Makati City, Parañaque City, Muntinlupa City, and the sub-urban areas of Cavite.

RCBC sold close to P40 million in properties in its first auction in May, and is looking at more sales amid continuing inquiries from interested parties.

The first two auctions are part of a series of auctions intended to turn the bank’s idle assets into performing- or revenue-generating assets. Total proceeds from this exercise is expected to reach at least P400 million for the year.

Other auctions will be held in various parts of the country, namely: Bulacan and Tarlac in September, Nueva Ecija and Bacolod in October, Mindanao in November, and Metro Manila in December. – Ted Torres