PNB asset sale seen to yield P5.4 billion

MANILA, Philippines — Philippine National Bank (PNB) will raise at least P5.41 billion from the disposition and monetization of foreclosed assets in Makati, Mandaluyong and Quezon City next month.

Up for grabs are the P1.5-billion commercial property at the VMC Building in Legazpi Village, Makati and a commercial land along Aurora Boulevard corner General Araneta St. in Cubao, Quezon City with a floor price of P800 million.

The Lucio Tan-owned bank is also disposing a commercial land with improvement in Caloocan worth P600 million, a property along Quezon Avenue in Quezon City valued at P500 milion, another property along West Ave. in Quezon City worth P170 million and a commercial land along Shaw Boulevard in Mandaluyong with a minimum bid price of P160 million.

PNB is also selling residential lots with improvements in Barangay Santolan, Pasig with a floor price of P35 million and another one in Bautista Street in Pasay valued at P15 million.

The bank is also cashing in on several properties in the provinces including its PNB Building in Naga, Camarines Sur worth P500 million; a commercial land with improvements in Davao worth P500 million; a commercial and residential land in Daet Camarines Norte with a floor price of P220 million; and a lot in Angeles City, Pampanga valued at P200 million.

It is eyeing P130 million from a lot in La Union; P125 million from a commercial land with improvement in Dipolog; P120 million from another property in Sta. Cruz, Laguna; P25 million from a commercial land in Puerto Princesa, Palawan; and P15 million from a residential lot in Calamba, Laguna.

PNB 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 starting Feb. 26 up to March 20. The bids will be opened at 9:01 am on March 20.

PNB urged 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 would 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 an invitation for a public sealed bidding.

The strategy to dispose and monetize the value of its foreclosed assets as well as robust core lending and fee-based operations helped boost PNB’s income by 19 percent to P13.5 billion in the nine months to September 2023.