PNB successfully bids out North Harbour property for P3.68B, ICTSI bid wins

23 April 2022, MANILA, Philippines — Philippine National Bank (PSE: PNB) successfully bid out a foreclosed property that is strategically located in the Manila Harbour Centre.

The winner of the competitive bidding is listed port operator, International Container Terminal Services, Inc. (ICTSI). The property is classified under Real and Other Properties Acquired (ROPA) or more commonly known as acquired properties by the bank.

“We were able to successfully complete the sale of this ROPA through a public sealed bidding process engaging the help of PricewaterhouseCoopers (PWC). The winning bid is 3.68 billion pesos in cash,” said PNB president and CEO Jose Arnulfo “Wick” Veloso. “This transaction will monetize another low-revenue-generating foreclosed property, giving the bank additional financial resources that it can use to pursue its strategy and capture opportunities brought about by the recovering economy.”

The bank brought PWC in to ensure an independent, transparent, and competitive bidding that would be beneficial to PNB. Supporting PWC in this transaction were its member-firm in the Philippines, Isla Lipana & Co. for bid administration, and Cabrera & Company for legal support.

The property is a 32,000-square meter industrial lot and building within the Manila Harbour Centre Industrial zone in Tondo, Manila with a minimum bid price of P3.2 billion or P100,000 per square meter (sqm).

A public sealed bidding was held on April 19, 2022. This public bidding was open to individuals, sole proprietorships, partnerships or corporations authorized by law to acquire properties in the Philippines.

Last year, PNB executed a property-for-share swap involving the 10-hectare PNB Financial Center along Macapagal Boulevard in Pasay City, the PNB Makati Center in the Ayala central business district, as well as the foreclosed eight-hectare property at the corner of Buendia Avenue and Paseo de Roxas in Makati City.

The Bank reported approximately P34 billion in its books representing the difference between the fair value of P46.68 billion and the book value of P12.6 billion of the properties exchanged for shares of PNB Holdings Corporation. Specifically, the change was reflected in the Bank’s income statement in 2021, thereby strengthening its financial position as the transaction generated P10 billion additional capital, after the effects of the property dividends.

PNB’s profit soared to P31.7 billion at end-2021, 12 times higher than the P2.6-billion profit booked in 2020, as a property-for-share swap boosted the bank’s bottom line.

Customer Care

Bank Hotline
Tel. No.: (+632) 8573 8888
PNB Cards
Tel. No.: (+632) 8818 9818
Deposits are insured by PDIC up to P500,000 per depositor.
PNB is regulated by the Bangko Sentral ng Pilipinas
BSP Webchat -
SMS: 021582277 (for Globe subscribers only)
BSP Facebook -
Privacy Policy