The two branches of the Philippine Postal Savings Bank in the Bicol area, the Sorsogon and Tigaon Offices, will be relocated/transferred to new sites owned by the Philippine Postal Corporation in Sorsogon City and Iriga City, respectively. The relocation was recommended by the South Luzon Area Head and the SVP for Branches on October 22, 2013.
The two PPC properties have existing tenants, but there is a termination clause on the lease contracts. Due diligence showed the sites to be viable for branch operations. The Sorsogon property is located along the national highway, and is in the center of a commercial area where major businesses in Sorsogon City area located. It is believed to have a more attractive business potential than the present site. The proposed Iriga City site is likewise populated by big business establishments, national government offices, and universities and schools. The City has an annual IRA of P302 Million, and there are four unbanked LGU’s within a 20-km radius.
The lease of the PPC properties and the renovation of the buildings are now the subject of negotiations between PPC and Postbank.