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PNB to start selling P30B in seized assets.
(From Philippine Daily Inquirer)
PHILIPPINE National Bank yesterday said it would start selling some P30 billion worth of residential and commercial properties through monthly auctions to be conducted by CB Richard Ellis, which was appointed auction consultant and manager.
PNB has P75 billion worth of non-performing assets, consisting of P30 billion worth of foreclosed properties and P48 billion worth of bad loans.
PNB president Lorenzo Tan said the auctions would start next month.
Most of the assets to be offered are residential and commercial properties, condominium units and commercial spaces mostly in the ...
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