Limit on real property bought at auctions sought

A Quezon City councilor has asked his colleagues to support a move to limit to two pieces of property that a participant in a tax foreclosure auction can purchase.

The measure drafted by Councilor Melencio Castelo Jr. is under review by the city council’s committees on ways and means and on laws, rules and internal government.

According to Castelo, only a handful of persons and entities participate in the city government’s auction of foreclosed property. The buyers, he said, usually end up reselling the property they bought at steep prices.

Under his proposal, the Quezon City auction committee will limit to two the pieces of property a person or entity can buy during a tax foreclosure auction.—Jeannette I. Andrade