PNB to dispute court ruling on Buendia lot

Philippine National Bank yesterday said it will take legal actions to nullify a Makati regional trial court order allowing RJ Ventures Realty and Development Corp. to take possession of a prime lot at the corner of Gil Puyat Avenue and Paseo de Roxas in Makati City.

PNB bid out the property just before the Asian financial crisis hit in 1997, in which RJ Ventures won with an offer over P400,000 per square meter. RJ Ventures, however, failed to deliver the payment, prompting PNB to foreclose on the property.

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