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Philippine government's attempt to sell GSIS Family Bank draws no bidders

The Philippine government's latest attempt to sell GSISFamily Bank has failed as potential suitors did not proceed with the biddingprocess, BusinessWorld reported Oct.4 citing the president of the Philippine Deposit Insurance Corp., CristinaOrbeta.

The plan to sell the bank did not pull through as none of atleast six prospective investors proceeded to the bidding process, Orbeta said.She added that suitors that submitted letters of intent did not comply with therequirements.

In May, Bangko Sentral ng Pilipinas halted the operations ofGSIS Family Bank and assigned the PDIC as receiver, assuming the bank's assetsand liabilities.

The PDIC had sought investors to rehabilitate the bank,asking interested suitors to submit letters of intent to invest in the thriftbank by July 20. This was to be followed by an issuance of 5 million Philippinepesos of bonds by Aug. 1. However, the investors that expressed intent torehabilitate the bank did not carry on with the procedure.

The latest failed attempt to sell GSIS Family Bank, which isowned and controlled by the state pensioner Government Service InsuranceSystem, follows three failedattempts to sell the lender in 2015.

As of Oct. 4, US$1 wasequivalent to 48.25 Philippine pesos.